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.
filmFilm producers sue Warner Bros for $75m over Hobbit films
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
Swedish stars ask fans for £195 pledges on crowd-funding website
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 French café starts charging extra to rude customers
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- < Previous
- Next >
iJobs Money & Business
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...