LONDON (ShareCast) - International Brand Licensing (IBL) gave up recent gains as the owner of the Admiral sportswear brand saw turnover tumble 40% in 2007 on weaker sales of England replica cricket shirts.

Profit for the year ended 31 December 2007 rose to £615,000 from £582,000, but turnover of £1.86m was way short of the £3.01m reported a year earlier.

The firm blamed the drop in replica England cricket kit sales on the team’s poor performance and “depressed” UK sports retail sector.

Last year, IBL took the opportunity of assigning the England cricket sponsorship agreement one year early in return for a £1.6m payment from adidas and a reduction in royalties to the England Cricket Board (ECB).

Sales of cricket merchandise fell to £1.52m from £2.64m in 2006, while a stock write off of £292,000 was necessary on the England replica merchandise cleared as the sponsorship agreement ended.

At the 2007, the company had more than £1.4m of cash in the bank, which is expected to grow this year.

• News Channel