Home shopping group Flying Brands reported a like-for-like sales dive of 13 per cent in the year to December 28 last year.

Pre-tax profits also took a hit after a tough second half, falling 31 per cent to£3.6 million for the year. Sales climbed 9 per cent to£46.3 million from£42.4 million the previous year.

Flying Brands chairman Tim Trotter said: “2007 has been a very difficult year for the group, particularly the second half and this is reflected in the results. Not only did we have to contend with deteriorating general retail market conditions, but we were also beset with a series of one-off issues and a general decline in the trading performance in the second half of the year on all our main trading divisions.”

Trotter committed to strengthening Flying Brand’s operations. The group will invest£2 million in the business this year and said it would continue to look for acquisitions and partnerships to enhance its offer.

Flying Brands chief executive Mark Dugdale will leave the company in April and the recruitment process to replace him is now under way.

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