Mini conglomerate Flying Brands' results may not appear particularly impressive, but the restructuring and new management team that was put in place in late 2002 are beginning to deliver the goods. The Jersey-based business operates four profitable brands: Flying Flowers, the UK's largest postal delivered bouquet business; Gardening Direct, a mail order bedding plants outfit; mail order audio books distributor Listen2Books; and stamp and coin specialist Benham. The group's turnover for 2004 remained relatively flat at £35.8m and its pre-tax profits rose 4% to £5.8m. Maintaining a tight control on costs, the company wants to increase profitability by expanding its product range within the brands as well as use its cash balance of £6m to seek out acquisitions in the gifts, hobbies and entertainment sectors. Over the Christmas period, Flying Flowers experienced soft trading in tough market conditions but Listen2Books enjoyed a good performance, as it introduced CDs as an alternative format to cassettes. It will offer video and DVD titles in 2005. Realising the importance of the internet as a revenue driver, sales increased 24% and the internet now accounts for 8.1% of group sales. Flying Brands is also using email marketing tools to drive potential customers. Broker Seymour Pierce is forecasting pre-tax profits to rise to £6.15m in 2005. On a reasonable prospective p/e of 11.6, and with its healthy web-inspired growth prospects, Flying Brands is an attractive proposition. Add.