Rolfe & Norman warns of lower profits

Click to follow
The Independent Online
SHARES in Rolfe & Nolan sank 10 per cent yesterday after the computer company's chairman warned that interim profits were likely to be below last year's pounds 707,000. He blamed slow licence sales orders, writes Topaz Amoore. The shares closed at 255p, down from 283p, after Tim Hearley told the annual meeting that it was too early for a firm indication of likely results for 1993-94.

'The level of licence sale prospects remains encouraging, both in Europe and in the US, but it is now clear that the timing of orders has become more protracted and uncertain,' he said.

But he also launched a new system called Lighthouse, devised for products such as swaps and interest rate options. Rolfe expects it to open up opportunities in Europe, North America and the Asia Pacific region.

In the year to 28 February pre-tax profits at Rolfe, which specialises in futures and options, declined from pounds 1.39m to pounds 1.22m.

The figures were depressed by losses at Brokerage Systems, a Chicago firm in which Rolfe bought a 19.9 per cent stake last year and acquired the remainder in April.

Mr Hearley said Rolfe had net cash in excess of pounds 3m.