Home shopping group Flying Brands strategy to focus on its core gardening and gift divisions is bearing fruit, the retailer said as it posted improved full-year results.
Chairman Tim Trotter said the retailer, which operates mail order and online operations such as Gardening Direct and Flying Flowers, has made “good progress towards its aim of sustainable profitable growth” after a year of restructuring, cost reduction and focus on profitable sales.
Led by chief executive Stephen Cook, appointed in February 2009, the retailer reported an overall group profit before tax of £2.7m in the year to January 1 compared to a loss of £11.9m the previous year.
Ongoing business profit before tax, excluding one-off reorganisation and redundancy costs, was £1.9m compared to £1.5m last year, on sales down 9.7% to £30.4m.
Trotter said: “In 2010 we aim to continue to improve the performance in our two core divisions and we are confident that we should build upon the progress achieved in 2009.”
Flying Brands reported that the new year’s trading had got off to a “satisfactory” start, although bad weather made the gardening category difficult