Group pre-tax profits fell at multi-channel retail group Flying Brands after the disposal of some of its assets.

Profits fell to just £480,000 in the six months to July 2 from £2.74m after the write down of assets following the sale of collectables brand Benham and the winding down of Greetings Direct.

Sales in its garden division were slightly down at £11.06 for the period compared to £11.25m the year before. Sales in its gifts division were down from £4.33m to £3.7m.

Online sales, which now account for 31.3% of total sales, grew 15% for the period to £4.88m.

Flying Brands chief executive Stephen Cook said: “We continue to make progress with our strategy of transforming the Group into a predominantly online retailer focused on value for money products in gardening and gifts.  We are encouraged by the continued strong growth in our active customer base in Gardening Direct and are excited at the prospect of being able to offer our 370,000 active gardening customers a wide-range of value-for-money hardware products.”