company: The company was the biggest faller on the FTSE 250 as it warned full-year profits were now expected at between 75m and 80m, lower than the 90m City analysts had been forecasting, according to The Guardian. The company said Following a slowing of activity around the time of the EU referendum, trading conditions in the UK have continued to soften and competition in the market has intensified. Investors took fright as the company warned that trading had been weaker than expected following the EU referendum, with a distinct slowdown in its traditionally strongest months of September and October. Bike prices could rise because of Brexit vote, says Halfords Read more It said the group had been hit by delays to some projects in the commercial sector and weak demand for specialist insulation among petrochemicals and manufacturing customers. The chief executive, Stuart Mitchell, is leaving by mutual agreement with immediate effect . Leslie Van de Walle, chairman, said that at a time when the business was under pressure, they needed a way to accelerate opportunities under new leadership. The company, which supplies insulation, roofing, commercial interiors and other building products, said it would be closing about 20 to 30 branches and cutting some jobs to reduce costs.
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