Multi title mailer Flying Brands post an 8 per cent
decline in annual revenue, to £42.5 million. More damning is
that profit before tax for ongoing businesses plummeted by 53
per cent, from £3.2 million in fiscal 2007 to £1.5
million. In its financial statement, the company said that it
will seek additional cost reductions, though it did not specify
in what areas. Flying Brands’ titles include Flying Flowers,
Gardening Direct, and Listen2.
Headline of the day: “Argos Axe
Christmas”, courtesy of The Mirror. But the cataloguer isn’t
cancelling Christmas so much as Boxing Day-it has decided that
26th December will be considered a “normal working
day” rather than a holiday.
Meanwhile, Terry Duddy, chief exec of Argos and
Homebase parent company Home Retail Group, is
quoted in Financial Times as saying that he expects
revenue and margins to continue falling throughout 2009.