News blog
Speymill
- BY: Andrew Hore |
- POSTED: 24/11/2008 |
A downturn in the construction sector has hit Speymill’s contracting business and the group’s full year results are likely to be worse than expected.
The shares fell 2p to 11.5p each, which values Speymill at £6.71m.
Speymill is a property and asset manager but the majority of its revenues come from a construction business that refurbishes and fits out budget hotels. Cost savings will not be enough to offset the likely shortfall in profits. It is uncertain whether a number of projects will be completed by the end of 2008.
The order book for the contracting business is still worth £165m.
The property and asset management businesses are trading in line with expectations.
Profits were previously expected to be £2.85m in 2008.
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