News blog
Norcon
- BY: Andrew Hore |
- POSTED: 15/02/2012 |
Shares in Norcon have fallen to a all time low following news that its profit will be lower than expected.
This news comes less than two months after a statement that the results would be in line with expectations. The share price dropped 6.5p to 30p, which values Norcon at £14.6m.
Revenues and gross profit will still be in line with expectations but start up costs in Malaysia and Oman, foreign exchange, financial, recruitment and relocation costs are higher than expected. The tax charge in Saudi Arabia will be higher than anticipated.
House broker finnCap is revising its 2011 profit forecast from $7.2m to around $6m.
Net cash was $7.1m at the end of 2011. The full year figures will be published on 13 April and a final dividend will be declared at the same time. The previous dividend was 4.4 cents a share.
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