IQ-AI Regulatory News (IQAI)

13 Apr 2006 10:15

Flying Brands Limited13 April 2006 13 April 2006 Flying Brands Limited Annual General Meeting Board Change and Trading Statement The Company announces that all the tabled resolutions were passed at its AGM,held in Jersey today. The Board is also pleased to announce that at a meeting held earlier thismorning, Stewart Newton accepted an invitation to join the Board with immediateeffect as a non executive director. Mr Newton is a long term major shareholderin Flying Brands. Commenting on the fourteen weeks of trading to 7 April 2006, Paul Fraser,Chairman, said: "Total sales are 12% ahead of 2005 and are level on a like for like basis.Internet revenue, on a like for like basis, represents 14% of total salescompared to 12% in 2005, up 17% overall. Sales for the Gifts Division are the same as 2005. Valentine's and Mother's Dayssaw record levels of internet sales, with the latter being over 30% of thetotal, up 23% for the campaign. Overall margin has improved 2%. Sales for the Garden Division are 15% above the same period last year, with aparticularly strong performance from Garden Bird Supplies. Gardening Direct'ssales are currently 2% below last year after a flat March mailing, but customerdatabase sales are 6% ahead, hence the margin has improved, and the season stillhas another major campaign later in April. We are continuing the transition ofthe brand towards a direct garden centre positioning, with less reliance onbedding plants. Like for like sales for the Entertainment Division are slightly ahead of thesame period in 2005. Cash generation for the period is £3.7m, 28% ahead of last year. Our strategyremains to extract greater value from our database of 4 million customers and wewill continue to enhance shareholder value by making appropriate acquisitionsand through buying back our own shares for cancellation. We remain confident ofmeeting market expectations for the year." Pursuant to Listing Rule 9.6.13R(1) details of all directorships held by StewartNewton in any publicly-quoted company at any time in the previous five years,are set out below: HSBC Holdings plc For further information, please contact: Flying Brands Limited 01376 575 010 / 07785 346 935Mark Dugdale, Chief ExecutiveGraham Norton, Finance Director Smithfield Consultants 020 7360 4900John KielyGeorge Hudson Notes to editors Stewart Newton Stewart Newton founded Newton Investment Management in 1977. The business wasacquired by Mellon Bank in 1998 and in September 2000 Stewart stepped down asChairman and became non-executive, retiring in March 2002. Since 2003, he hasbeen involved in the Real Return/Veritas Asset Management Group, an investmentgroup focused on real and absolute returns. Stewart is a non-executive directorof HSBC Holdings plc and sits on the investment committee of The Wellcome Trust,and the Investment Board of Cambridge University. Jersey based Flying Brands Limited (LSE: FBDU) is a multi brand home shoppingspecialist. Founded in 1981, it was admitted to the Official List of the LondonStock Exchange in 1993. The Group operates the following divisions: • Gifts (Flying Flowers, the UK's largest flowers by post brand,despatching nearly one million bouquets a year) • Garden (Gardening Direct, one of the UK's largest mail orderbedding plants and gardening products operations; Garden Bird Supplies, aleading provider of food and accessories for birds and other wildlife) • Entertainment (Listen2Books, the leading mail order audio books,DVD and video publisher and distributor; Benham, the first day cover stamps andcoins collectables specialist; Silverminds Direct, the nostalgic music business) More information can be found at: www.flyingbrands.com This information is provided by RNS The company news service from the London Stock Exchange