Announcing a disappointing profits rise of just 5 %, from £17.5m to £18.4m, mail order group Fine Art Developments said it intends to commit a further £2 million to the development of its internet businesses.
This supplements the £2 million already invested during the past twelve months in an e-portfolio that includes three home shopping websites and Care4free, its ISP for charities. FAD also provides delivery services to third parties, both online and off, and recently set up a 50/50 joint venture to host e-store facilities in partnership with freecom.net.
In the year to March 31, FAD’s turnover rose by 9% to £234.5m. Trading over the first six weeks of the current fiscal had been "encouraging" with orders up by 10%. Nevertheless, the market was unimpressed and shares sagged from 280½p to 263½p.
The group plans to rebrand as Findel in the near future.
News source: The Times (London)