News blog
Freshwater UK
- BY: Andrew Hore |
- POSTED: 22/12/2009 |
PR adviser Freshwater UK says first quarter trading is “significantly below expectations”.
Revenue has been 14% lower than expected due to delays in projects. The improvement in trading in the preceding couple of months did not continue. Management expects additional revenues to come through later in the financial period and the group will benefit from further cost cuts.
However, full year profits will be below expectations. House broker Charles Stanley had forecast a recovery in profits from £240,000 to £1m in the year to August 2010.
Freshwater is undertaking a strategic review. Management says that head office and PLC costs are out of proportion to revenues.
The shares fell 4.75p to 23p each, which valued the company at £4.29m. Freshwater raised £4m at 85p a share in July 2007. It was valued at £9.48m at that time. Since then, shares have been used to help finance acquisitions.
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