News blog
Avingtrans
- BY: Andrew Hore |
- POSTED: 18/12/2007 |
Engineer Avingtrans says its full year figures will be much worse than expected.
Avingtrans will be profitable in the year to May 2007 but it won’t make anywhere near the £3.55m profit that was forecast.
The company was the worst performer on Aim on the day and its shares fell 34p to 56.5p.
The aerospace division is losing money. The main contracts have been renegotiated but there won’t be any benefit from this in the first half. The loss-making work should end by May.
Managing director Stephen Lawrence will leave the company at the end of March 2008. A replacement is being sought and one potential candidate has been identified.
Interim figures will be issued in February.
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