Studio reports eight per cent growth

Accrington-based Express Gifts, trading as Studio, has reported eight per cent growth and the addition of 70 new employees.

The figures cover the first 28 weeks of the year. And while Q2 growth slowed over Q1, the company says sales have been strong since.

Studio attributes some of the strong growth to the revamped marketing efforts which took place prior to the start of the year, as well as implementing the Financier commerce platform.

Studio expects peak trading to commence soon, over Black Friday and the Christmas period..

The company's net debt at the end of September 2018 was around £9m lower than September 2017 and parent group Findel is expecting net debt at the year-end to remain unchanged.

Findel is also approaching the end of its legacy customer redress programme which continues to perform in line with existing provisions.

Paul Kendrick, managing director at Studio, said: "It's been a huge team effort to get where we are today and the update statement from Findel confirms how worthwhile it was.

"We have employed 70 new members of staff recently, mainly in the IT sector and in merchandising roles. Studio's eight per cent growth rate is brilliant, and we are hoping to top this next year! "Although there has been decline in sales within the retail industry as a whole, online sales are rising and predicted to account for over 17 per cent of sales transactions this year."