Flying Brands in new profit alert

Mail order gardening group Flying Brands warned that its profit for the year would be well below market expectations as its traditional flowers business continues to be hit by increasing competition and weak consumer spending.

The Jersey-based company, which provides mail order flowers, bedding plants and gardening products, said it also saw sales from its bird-food division decline, hit by stiff competition from supermarkets and garden centres. The company also said it would have to renegotiate its banking terms and planned to start talks with its lenders soon. Flying Brands shares have lost a quarter of their value since the company issued a profit warning in January.