News blog

Freshwater UK

  • BY: Andrew Hore |
  • POSTED: 11/05/2009 |

PR firm Freshwater UK has started the year more weakly than expected and house broker Charles Stanley has downgraded its forecasts.

Revenues rose 10% to £4.51m in the six months to February 2009, thanks to contributions by acquisitions, but profits slumped from £456,000 to £106,000. The interim dividend has been halved to 0.75p a share.

Charles Stanley has cut its revenue forecasts from £7.8m to £7m in the year to August 2009. Profits are forecast to fall from £1.2m to £500,000 this year.

Cost savings worth an annualised £1.25m are being made. At the end of May 2009 two London offices will be consolidated on one site saving £250,000. Up to £800,000 of these savings will show through in this financial year.

The final three earn-outs will be completed and paid this year. The total is £770,000 in cash and £565,000 in shares.

New business is being won and there are positive signs for the future. That is why the share recovered 1p to 38.5p each, which values Freshwater UK at £5.13m. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds