Published on 23 - January - 2009
Flying brands warns of profit fallFlying Brands - the Jersey and Essex based home and gardening products group - has issued a profits warning in its latest trading update.
The firm, founded in 1981, this week published a trading update following the company's interim management statement, which was released on 21 October 2008.
Flying owns Gardening Direct, one of the UK's largest mail order bedding plants and gardening products operations, as well as selling giftware, homeware and entertainment products.
Like-for-like (lfl) sales for the last quarter of 2008, excluding those attributable to Greetings Direct, were flat compared with those for the last quarter of 2007.
The firm's chief executive, Patricia Killen, said: "The likely impact is that our 2008 profit expectations for the group, excluding Greetings Direct, will be down by approximately £500,000 to approximately £1.4m.
"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.
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