Troubled Tadpole forecasts pounds 9.3m loss
Thursday 10 August 1995
Beleaguered computer company Tadpole Technology confirmed the extent of its troubles at an extraordinary general meeting yesterday, telling shareholders it expected a pounds 9.3m loss in the year ending 30 September 1995.
By the end of the third quarter this year losses had already reached pounds 7.7m, on revenues of pounds 18.6m, the company said yesterday. Tadpole will also make a pounds 700,000 provision to revalue component inventory.
The shares closed unchanged at 81p. Analysts said all the bad news had already been incorporated in the share price. A block of 1.25 million shares was placed with institutions at 201p early last year, before problems developed across the company's computer range.
Gordon Grey, chief executive, said Tadpole was on track to report an operating profit in the first half of 1996 on the basis of internal sales forecasts. A US subsidiary of Nations Bank had provided a debt facility of up to $6m (pounds 3.75m), subject to debt cover targets being met, replacing a facility of $2.5m.
Poor market reception to the company's line of laptop computers, as well as higher-than-expected administration costs, combined to squeeze profits starting in late 1994.
Mr Grey told shareholders in May that the losses were "unacceptable and hard lessons have been learnt".
The company would reduce costs and derive higher revenues through the sale of new product lines, he said.
But earlier this year, Tadpole said its financial position had deteriorated to such a degree that an automatic EGM under the Companies Act was triggered.
- 1 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
- 2 The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
- 4 Vagina canoe artist facing two years in jail defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall could push even more bargain-hunters online for Christmas sales
The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...