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Flying Brands

Companies: FBDU   
12/02/2002

This group is something of an unwieldy corporate beast, as it deals in mail order plants and flowers, collectable stamps and a range of audio books, as well as a range of vitamins. Its choice of businesses is not the only unusual concern, however, as this week's full year statement contained a raft of boardroom changes. Interestingly, these changes have been announced at the end of a restructuring process rather than the beginning. Chief executive Tim Dunningham announced that after 13 years of service to the company, he would be stepping down once a new chief executive has been found. David Nightingale is to resign his post as e-commerce and business development director and Tony Grodecki, managing director of the struggling Benham subsidiary, is to leave the board as well. Chairman Robert Norbury also announced that he would resign at the upcoming AGM. Norbury claimed that the major restructuring that Flying Brands required when he joined it in 1999 was now complete. The restructuring has been largely successful as this year's figures showed net debt had been reduced from £4.8m to £2.3m and profit before taxation and exceptional items increased to £4.46m against £3.71m last time. Sales on continuing operations were slightly higher at £32.8m. Investors should wait until the new management is installed before contemplating buying the shares.

Market cap: £38.7m
Share price: 144.5p

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