Flying Brands Share News (FBDU)

Shares in flowers and gifts retailer Flying Brands slumped 26% after it warned that meeting company profit expectations for the year will be a considerable challenge, after continued pressure at its Garden division.The Jersey based mail order company reiterated that while trading overall had got off to a satisfactory start to the year, trading at its Garden division had been behind company expectatiosn as a result of poor weather. "These conditions continued into March and, as a result, sales of bedding plants during the peak Spring selling season have continued to be behind expectations," the group said in a statement. At 2 April the value of orders taken in the Garden Division was £8.0m compared with £8.4m in 2009. The disappointing Spring gardening season so far means that meeting management's profit expectations for the year will be a considerable challenge, the group said. Flying Flowers' orders to 2 April 2009 were £2.3m compared with £3.1m the same time a year earlier. Revenue for the Entertainment division was £1.0m versus £1.3m before, in line with company expectations.For the ongoing business as a whole, order intake for the period was £11.25m, down 11.6% from £12.7m on a like for like basis against the same period last year.Flying Brands added that it does not expect business to be affected to any material extent by the current air travel restrictions.