Group total loss for the year after tax was £1.312m down from a loss before tax of £1.587m in the previous year. T&M said direct sales of season extending garden ready stock helped sales. Retail sales and client sales fell, partly because of changes to client portfolio. T&M said it would increase sales by "organic growth", better use of Enterprise Resource Planning software to improve customer service, optimisation of working capital management, broadening ranges, extending the season and growing digital sales.
EBITDA (Earnings Before Interest Tax Refund, Depreciation and Amortisation) for the period to 30 June 2015 is a loss of £0.1m against a 2014 EBITDA loss of £0.6m. Directors said this was a "step in the right direction".
In the Group, an individual has purchased 2,838,730 C shares for £50,000, with £25,000 outstanding at the year end. Some 1,541,650 C shares were purchased from a previous director for £15,000 and cancelled.
Since the end of the year, £157,000 was paid to a former director as compensation for loss of office (Keith Lewis resigned on last April) and £60,000 was paid for a director's loss of office. Jonathan Cooper resigned on 23 October 2014. Group's banking facility at Barclays of £4.75m was renewed in August 2015. The Group believes they have sufficient funding for the next 24 months.
T&M said it "operates in a competitive but stable market. The group manages this risk by continuing to innovate and provide its customers with first-class products and competitive prices".
The company added: "The group is exposed to exceptionally poor weather during its key selling season (and) would be at risk from a prolonged and serious disruption to the postal service".
Private equity backers Primary Capital tried to sell T&M in 2015 but took the company off the market in January 2016. Primary Capital bought T&M in 2002 and is believed to be considering trying to sell it again in summer 2016.