Profits plummet at Flying Brands

Flying Brands, the catalogue and online retailer of everything from birdseed to CDs, today issued its seventh profit warning in five years.

It also warned that it is set to breach its banking covenants when they are next up for review in a month's time.

The group said its key brand, Gardening Direct, had performed "significantly below management expectations". Flying Brands added that trading at its other divisions "has also been below expectations".

The shares more than halved, falling 9¾p to 9p.