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Smallbone

  • BY: Andrew Hore |
  • POSTED: 31/10/2008 |

Fitted kitchens supplier Smallbone says that its 2008 figures will be much worse than expected.

This news came after the market closed so the shares retained the 4p gain made earlier in the day. At 29p a share, Smallbone is valued at £7.24m.

Smallbone was expected to make profits of £2.6m in 2008.

Management says that challenging trading conditions and the rationalisation costs for the recent acquisition of Christopher Peacock Cabinetry are behind the disappointing expected outcome for the year.

The US-based luxury kitchen retailer was acquired in September 2008 for up to $15m (£8.3m). The initial payment was $8m in cash and $4.5m in shares at 111p each – which was higher than the then market price of 81p a share. The rest is dependent on performance.

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