Last checked at 21 Jan 2009 07:00
21 January, 2009
Flying Brands Limited
Trading Update
Flying Brands, the Jersey based home shopping group, is today providing an update on its trading performance for the final quarter of the Company's 2008 financial year (the 14 weeks to 2 January 2009). This trading update follows the Company's Interim Management Statement, which was released on 21 October 2008.
Like for like sales for the last quarter of 2008, excluding those attributable to Greetings Direct, were flat compared with those for the last quarter of 2007. Flying Flowers' sales were 0.6% up against the comparable period and the Company's other brands were collectively 1.2% down.
The Flying Flowers margin was, however, lower than anticipated. This was mainly due to Flying Flowers customers switching to products with a lower gross profit margin, together with higher than expected product and despatch costs. The likely impact is that our 2008 profit expectations for the Group, excluding Greetings Direct, will be reduced by approximately £0.5m, to approximately £1.4m. The other Brands and overhead costs were collectively in line with our expectations.
Our gross cash balance was £2.3m at the year end with bank loans of £5.2m. The Company continues to pay down its debt on schedule.
The full year results will be announced on 13 March 2009 and the Annual General Meeting is on 22 April 2009.
For further information, please contact:
Flying Brands Limited 01245 228300
Patricia Killen, Chief Executive
Graham Norton, Finance Director
Smithfield Consultants 020 7360 4900
John Kiely
Notes to editors
Jersey based Flying Brands Limited (LSE: FBDU) is a multi brand home shopping group. Founded in 1981, it was admitted to the Official List of the London Stock 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; Greetings Direct, the UK's only continuity greeting cards business)
* Garden (Gardening Direct, one of the UK's largest mail order bedding plants and gardening products operations; Garden Bird Supplies, a leading provider of food and accessories for birds and other wildlife)
* Entertainment (Listen2, the leading mail order audio books, DVD and video publisher and distributor; Benham, the first day cover stamps and coins collectables specialist)
More information can be found at: www.flyingbrands.com