Connaught shares down 46% after warning over losses
The social housing specialist Connaught said it will likely make a material loss this year and will write down the value of its assets after government cutbacks hurt its core business.
Its shares, which have tumbled almost 90 per cent since it first warned on profit in June, plunged again on Friday and closed down 46 per cent at 15.5p. Connaught, which is in crunch talks with its lenders, also said it will make a provision for future losses on current contracts in its results for the year to the end of August.
The chairman Roy Gardner, who brought in a new management team last month, said he was confident the situation could be turned around. "This is a business worth fighting for and my new team and I ask for your continued support for our efforts to rebuild Connaught," he said in a statement.
- 2 Qataris pledge to expand Canary Wharf
- 3 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 4 Women think Irish men are the sexiest, survey finds
- 5 Florida couple forced to register as sex offenders for having sex on public beach
#JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
Florida couple forced to register as sex offenders for having sex on public beach
UK election candidates: 'Nasty party' Ukip faces fresh questions on eve of vote
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party's the right choice for you
Ohio 'Shawshank Redemption' fugitive Frank Freshwater arrested after 56 years on the run
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General election live: Booths open at 7am across the country on polling day
iJobs Money & Business
£35 - 40k: Guru Careers: Our client has a new role for a Digital Marketing Exe...
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...