£1.1m loss

Monday 2nd June 2008, 3:00PM BST.

A JERSEY mail order greetings card firm has failed to deliver expected profits.

St Lawrence-based Flying Brands expects to lose £1.1m from Greetings Direct due to higher levels of bad debts, returns, and cancellations in the UK and Australia.

The group also says that trading from its other gifts and gardening brands — including Flying Flowers — is ‘marginally below expectations’ and has revised expected profits down by £0.2m.

The share price on Friday was unchanged at 71p.

Flying Brands, which has headquarters in Jersey but also has operations in the UK, has in recent months suffered a catalogue of changes of fortune following several years of growth and acquisition.

Picture: Chairman Tim Trotter

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