18 August 2015 – profit warning
Despite only issuing a trading update on 30 July confirming that trading was in line with expectations, the group has now revealed that whilst expectations of revenue will be met, profits will fall short of forecasts. Profit margins are lower than previously thought and additional costs have been incurred to meet delivery times on a number of contracts. The lack of awareness on the part of management is a real concern and we reduce our recommendation to SELL.