Thompson & Morgan sees significant reduction in losses in new accounts

Suffolk seeds business Thompson & Morgan has cut losses from £3.526m in 2013 to £1.587m in the year to 30 June 2014.

Sales were £31.6m, down £0.7m for the year. Direct sales, which make up 80 per cent of business, were flat. There was a £1m reduction in marketing expenditure.

Sales to garden centres were up, reflecting better weather. Client sales were down because of reduced newspaper circulations and a change in client portfolio.

Earnings before interest, tax, depreciation and amortisation showed a £0.6m loss, which the directors said was "disappointing".

The directors said the year was "a step in the right direction back to profitable growth".

They have planned for the group to grow "organically" and are "alert for suitable acquisitions".

UK sales were £29.6m.

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