STOCKS NEWS UK SMALL-Work Group slumps on profit warning
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09:35GMT 11Nov2008-Work Group slumps on profit warning
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Shares in Work Group (WORK.L) are marked down 41 percent to 11.5 pence after the human resources services provider says its full-year pretax profit will be materially below market expectations as it secures fewer contracts and sees more projects deferrals.
"Management was extremely cautious regarding prospects in September but this has not prevented a profits warning being issued...The group has reported that its markets have continued to weaken since the interims with net fee income 11 percent lower in Q3 and trading expected to slow further in Q4," says FinnCap analyst Charles Pick.
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09:41GMT 11Nov2008-Tanfield down on gloomy 2009 outlook
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Shares in Tanfield (TAN.L) plunge as much as 18 percent after the electric vehicle and lift platforms maker reinforces its September trading statement by saying it sees no sign that poor current trading levels will improve next year. Although the group is cutting costs to save cash, it forecasts nothing better than a break-even performance in 2009.
"Management reiterates its previous statement, in which it indicates that trading conditions remain difficult, not least due to the lack of credit to its end customers and a global reduction in demand. The business is now running at break-even and management has indicated that it expects a similar trading environment for 2009," says Arbuthnot analyst Xavier Gunner. Continued...
