News blog
Litebulb Group Ltd
- BY: Andrew Hore |
- POSTED: 06/07/2015 |
Branded consumer products supplier Litebulb Group Ltd is consolidating after a period of rapid acquisitive growth and there will be significant management changes.
House broker finnCap has slashed its forecast due to investment in strategic initiatives that have not borne fruit as fast as hoped. The 2015 revenues forecast has been cut by 12% to £34m, while the pre-tax profit forecast has been slashed to around breakeven. The 2016 profit forecast has been cut by around £2m to £3.1m. There is a second half bias to revenues.
This news sparked a one-third slump in the share price to 24.5p, which values Litebulb at £12.5m. The shares are trading on nine times prospective 2016 earnings.
The management has been overhauled with chief executive Simon McGivern and sales director James Phillips have left. Howard Partington, who runs a subsidiary, takes over as interim chief executive and Guy Pettigrew becomes finance director and Leigh Webb becomes chief operating officer.
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