Home shopping and educational supplies group Findel achieved or identified £15m of cost savings in the six months to October 13.

Although the Burley-in-Wharfedale-based business suffered pre-tax losses of £21.1m, against a profit of £1.8m in the comparable period last year, it said group sales held up well even though they were down £10m on the previous year at £277.7m.

Findel’s target for reducing borrowings had been increased from £100m to £165m over the three financial years to 2011.

Keith Chapman, Findel’s Bradford-born chairman, said: “The group’s focus remains firmly on cash generation and the further reduction of bank debt.

“Whilst the board remains cautious regarding economic conditions, the group’s ability to generate profit should be greatly enhanced by the cost saving actions we have taken and continue to take.”