News blog
Avesco Group
- BY: Andrew Hore |
- POSTED: 10/09/2008 |
Avesco Group says its second half trading wasn’t as strong as it hoped.
This has led house broker FinnCap to cut its 2007-08 profit forecast from £3.1m to £700,000. The final dividend will be maintained and the total dividend will be 6p a share. It won’t be covered by earnings but cash flow is stronger.
The Avesco share price fell 12p to 42.5p. That means that the shares are yielding 14%. Avesco is valued at £10.6m.
The forecast net asset value is 176p a share.
Trading in Europe was poor during the summer and Avesco didn’t win as much business at the Olympics as it hoped.
Capital expenditure is being reduced. Avesco is on course to have net cash by 2011.
The profit forecast for 2008-09 has been cut from £1.9m to £1m.
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