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Archial Group
- BY: Andrew Hore |
- POSTED: 26/08/2010 |
- COMMENTS: Add yours
Architect Archial Group says that several projects have been cancelled or delayed due to reductions in government spending and 2010 figures will be significantly below expectations.
Archial is running short of cash and it is talking to its bank and principal shareholder about financial support while it negotiates its tax position with the HMRC.
The share price slumped 2.25p to 2.125p, which values Archial at £5.06m.
Archial has already cut costs but a further round of cost savings should reduce annualised costs by £4.25m.
Edison had forecast a profit of £3.41m for 2010 but it won’t be anywhere near that figure.
In 2009, Archial made an underlying pre-tax profit of £1.49m, down from £1.53m the year before. Revenues tumbled from £42.5m to £33.9m.
Interim figures will be published on 29 September.
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