The Jersey-based home shopping group posted full-year sales up 17 per cent to£42.4 million. However, excluding the effect of acquisitions, sales fell 3 per cent.
The company issued two successive profit warnings in November and January.
Chairman Paul Fraser said: 'The strong performance of our two most recent acquisitions was very encouraging and helped offset the weak trading in Autumn from Gardening Direct.'
Online sales throughout the group increased 31 per cent to£5 million, up from£3.8 million in 2005. Fraser said Flying Brands was now a 'genuine dual-channel retailer'.
He added: 'Our priorities are to extract increased value from our database of more than 5 million households by adding new brands, products and services.'
The group said it had made a satisfactory start to the current financial year, but warned that this year would see a significant increase in its distribution costs, principally from Jersey Post.
Fraser will be stepping down as chairman at the annual general meeting on April 27. He will be succeeded by deputy chairman Tim Trotter.
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