Investors bridle at Bridon setback
Sunday 07 January 1996
Shares in Bridon slumped 17p to 102p on the news, leaving shareholders wondering why they subscribed to the August cash call at 135p to fund a German acquisition.
"It's a very major setback and typical of the old Bridon," said one disgruntled fund manager at the weekend. "Under chief executive Ron Petersen it was hoped this sort of thing would not happen. This is the first blot on his copybook."
Mr Petersen has been instrumental in turning round Bridon since it ran up losses of pounds 23m two years ago. But price cuts of 10 per cent in the final quarter by two US rope rivals, problems at a loss-making Australian textile subsidiary earmarked for disposal and delays in a Norwegian bridge contract have piled pressure on the company.
Pre-tax profits this year will fall short of the pounds 4.8m before exceptionals scored in 1994 - and way below the pounds 7m to pounds 8m City analysts had been expecting.
Bridon also warned that the benefits from an investment programme and new production methods would not show through until at least the end of this year.
- 1 Reyhaneh Jabbari: Iran due to execute woman for murder of her alleged attempted rapist
- 2 Expert urges cat lovers to own just one animal each
- 4 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 5 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...