Flying Brands, the mail order flowers and plants company, announced a raft of board changes today as it lifted like-for-like profits 35 per cent to £4.46 million. Leslie Copeland reports

The group is something of an unwieldy corporate beast, as it deals in mail order plants and flowers, collectible 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 today'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.

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 £4.8 million to £2..3 million and profit before taxation and exceptional items increased to £4.46 million against £3.71 million last time. Sales on continuing operations were slightly higher at £32.8 million.

Dunningham said the group would now be focusing on its most important brands, namely Flying Flowers and Gardening Direct (Tim Boden, the marketing force behind these brands, was promoted to the main board today). Nevertheless, he was quick to highlight the initial success of Listen2Books, part of its audio book interests.

He claimed, however, that Benham, the main collectables brand, would be managed entirely separately from the core business due to a downturn in its growth prospects. This business will now focus on cash generation and new product development, though Dunningham conceded that there would not be any new investment in its traditional products. He hoped to use the venture as a 'cash cow' to feed other aspects of the Flying Flowers empire.

The shares ended the day at 142.5p, close to the 52-week high.