Multi brand home shopping firm Flying Brands has seen a difficult year as it announces results for 53 weeks to 2 January this year.
The group suffered due to the decision to close its Greeting Direct arm which cost it £11.6m, leading to an overall loss before tax of £11.7m (2007: £3.6m profit).

The loss means the company will not be paying a dividend to its shareholders this year.

Revenue decreased by 8% to £42.5m from 2007's £46.3m), but like for like (lfl) revenue for the ongoing business stabilised in Q4 2008 and was level level with Q4 in 2007.

Internet revenue from the Garden Division and Flying Flowers increased by 18% to £6.5m - representing 24% of total revenue (2007: 19%)

Chairman, Tim Trotter, said: "The current economic crisis will have an impact on the group, its customers and suppliers, but it is too early to be precise about the scale and duration of these effects.

"The board fully recognises the unprecedented nature of the challenges that lie ahead, and is taking action to reduce its cost base and being smarter with its marketing spend without jeopardising its opportunity of generating profitable revenue.

"The group is well placed to respond effectively to the current economic climate."