Lift the bread pan out of the machine and fit the blade. Put the dough ingredients, except the cherries, in the pan, following the order specified in the manual.
Fit the pan into the machine and close the lid. Set to the dough programme, adding the cherries when the machine beeps.
At the end of the programme turn the dough out on to a floured surface and divide it into 10 equal pieces. Shape each piece into a ball, then press a hole through the centre with your floured finger, gradually enlarging the hole by rotating your finger.
Space the dough rings about 4 cm (1½ inches) apart on 2 large, greased baking sheets. Cover loosely with oiled clingfilm and leave to rise in a warm place until almost doubled in size.
Brush the rings lightly with beaten egg and sprinkle with plenty of flaked almonds. Bake in a preheated oven, 220°C (425°F), Gas Mark 7, for 10—15 minutes or until risen and pale golden. Transfer to a wire rack to cool. Serve dusted with icing sugar.