Updates

ArmorGroup - Profit forecasts downgraded

December 2005

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With the share price already in decline since the profit warning in August, ArmorGroup announced that whilst sales for the year to 31 December are expected to be approximately 20% higher than last year, operating profit will be lower and substantially below market expectations. Again, ArmorGroup is citing the same two factors of contract delays and cost recovery as being responsible for the profit shortfall. First, with regard to one contract, the group has had to put security staff in place but the client has delayed full mobilisation. The problem has been fully resolved but full billing of the contract was only possible from late October instead of early September. Second, the timing of some large contract tenders and awards con ...

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