Shares in Relax Group have lost nearly 30% of their value on the news that results for the six months to June 2009 will be significantly worse than in the five months to December 2008.
The debt management company says that it is monitoring its cash position. Cost savings have been identified but they won’t have a significant effect until 2010.
Revenues were £6.5m in the five months to December 2008. A profit of £668,000 was reported.
The news follows the start of a strategic review by the new chief executive Ken Gaskell. The review covers management structure and finances. Relax is also talking to business partners.
Relax is valued at £5.79m.
Interim figures will be released by the end of September 2009.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.