Business Post warns on profits

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The Independent Online
SHARES IN Business Post fell by almost half yesterday after the mail and parcel services group warned that full-year profits would be lower than expected. The shares fell 332.5p to 365p after the company issued a statement saying "earlier sales forecasting assumptions were unrealistic" and pre-tax profits for the year to 31 March 1999 "may now only show modest growth over last year's figure".

The news followed a review of the group's trading and forecasts instigated after the company's founders, Michael and Peter Kane, returned as directors, with Peter Kane as chief executive. In June, the group reported full-year pre-tax profits of pounds 19.1m, up from pounds 16.1m the year before. Michael Kane, chief executive between 1995 and 1997, has now been appointed managing director.