PracticeAccounting FirmsNumerica issues profits warning

Numerica issues profits warning

Numerica, the listed consolidator, has warned that its full year results will be lower than last year's, and that it will report a 'small loss' in the six months to 30 September.

Link: Redundancies hit staff at Numerica audit arm

Ahead of today’s AGM, chairman Christopher McCann said economic conditions have not improved since Numerica reported its annual results in March 2003, with the business environment remaining challenging.

‘As a result of a slow start to the current year, we anticipate making a small loss for the six months to 30 September 2003 before approximately £200,000 of redundancy costs which will save costs in the second half of the year,’ said McCann.

‘Given that we will make a loss for the first half, our full year profit before exceptional items, redundancy costs, goodwill amortisation and tax is likely to be lower than last year,’ he added.

Nonetheless he said the businesses the company has acquired traditionally perform more strongly in the second half of the year and the company expects this to be the case this year.

He added that it is still relatively early to predict the full year outcome.

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