Educational supplies and home shopping group Findel today announced a giant 76 per cent leap in pre-tax profits as turnover soared to £187.8 million for the first half of the year.

The Burley-in-Wharfedale-based group recorded pre-tax profits of £23.6m as it achieved buoyant performance in both key aspects of its market.

The group also announced that it had acquired GLS Education Supplies Limited from Barclays Private Equity and the company's management in a £26.95m cash deal. GLS is based in Enfield within the M25 and enjoys a market leading position in the provision of educational supplies in Greater London. It also operates throughout the Home Counties and the South West.

Announcing the results to the Stock Exchange early today, chairman Keith Chapman said he was delighted with the firm's performance.

"The group has produced a strong set of results for the first six months," he said. "In home shopping, we have once again out-performed the mail order sector and achieved significant growth even when set against demanding comparatives. Our education division has succeeded in growing sales in a difficult market, with exciting growth prospects resulting from the two key strategic acquisitions in regional supplies and healthcare. GLS in particular, situated as it is within the M25, greatly strengthens our position in the South of England whilst offering cost and revenue synergies."

Mr Chapman said the deal represented a "major strategic move" for Findel.

In the year ended October 31, the new acquisition GLS enjoyed sales of £51.2m and profits of £3.1m.

Findel also announced today that David Dutton, an Associate of the Institute of Chartered Accountants who joined the group in 1986, had been appointed as group finance director. Philip Maudsley has taken up the post of group managing director while Tony Johnson becomes executive deputy chairman.