Home shopping group Flying Brands said that it expected to beat market expectations for full-year profit, aided by cost cuts and the relocation of its distribution base.
The Jersey-based company said sales from continuing operations were down 27% at £6.6m for the three months to January 1.
Sales from Flying Flowers in the peak Christmas trading period were also in line with market expectations. The division reported sales of £3.6m for the three month period.
In order to improve its delivery service, the company has shifted its flower packing and dispatch operations for its postal range to the UK from Jersey.
The company said that sales at its entertainment division declined by £0.28m to £1.51m and that it was still generating additional sales from its discontinued business Greetings Direct of £0.19m.
The company’s net cash balance at year end was £1.9m, compared with a debt of £3.0m at the end of 2008.
Chief executive Stephen Cook said that second half performance had exceeded expectations: “Our cost base has been realigned with the current size of the group and we hope to build on this good start to Flying Flowers’ repositioning in 2010.”
1 Reader's comment