Third profits warning from Blenheim knocks shares
Thursday 15 September 1994
The stock closed at 215p - its lowest since January 1991 - and trades 64 per cent below its all- time high of 599p in March 1993.
Alongside publication of interim profits, Neville Buch, the group's chairman, said: 'The full- year results will be lower than those budgeted earlier in the year.' Analysts scaled back profit forecasts for the year from about pounds 44m to pounds 34m.
Mr Buch said Blenheim's French business was experiencing a particularly harsh climate: 'Difficult trading conditions in France have recently intensified.'
Overall profits before tax for the six months to June showed a 21 per cent advance to pounds 22.1m. However, the underlying picture was not so good. Ignoring the contribution from acquisitions, Blenheim produced flat operating profit on increased turnover. Profit margins fell from 24 to 22 per cent.
Earnings per share slipped from 11.7p to 10.8p, but the company increased its interim dividend payment from 3.4p to 3.5p.
Blenheim also had a pounds 29m cash outflow in the first half of 1994. Cash flow was positive in the comparable period, boosted by a pounds 72m issue of convertible preference shares. Discounting the convertible, the cash outflow widened from pounds 15m.
Blenheim's debts also spiralled, from pounds 26m to pounds 53.4m - equivalent to gearing of 57 per cent.
Bottom Line, page 20
- 1 Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
- 2 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 3 People who sleep more than eight hours are more likely to have a stroke, research shows
- 4 Kanye West climbs on table at Nando's to crowd chants of 'Yeezus' before Brit Awards 2015 performance of 'All Day'
- 5 Muslim women's rights campaigner writes heartfelt letter to girls thinking of joining Isis
Ukraine crisis: Putin will cut gas to Europe unless Russia is paid by the end of the week
Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Missing Mexico teachers: Protests organised by union quashed in violent police crackdown
Mohammed Emwazi: Nine things we now know about man named as Isis militant 'Jihadi John'
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
Ukraine crisis: 'One miscalculation, and Britain faces an existential threat to our whole being...'
iJobs Money & Business
£17000 - £25000 per annum: Recruitment Genius: An opportunity to join this new...
£18000 - £21000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£36000 - £44000 per annum: Recruitment Genius: Encouraging more businesses to ...