Touchstone Group says that its full year results “may now fall below market expectations”.
Shares in Touchstone had slumped by 7.5p to 12.5p each even before the trading statement was published. That values the IT services and software provider at £1.61m.
Touchstone has reduced its employee numbers by 15% and cut other overheads.
Analysts were expecting profits of £900,000 but the weak trading and costs of the restructuring will mean the outcome is likely to be lower. In the six months to September 2008, Touchstone reported an adjusted pre-tax profit of £336,000.
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