Warning prompts Veris crash

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    Date: Wednesday 23 Jul 2008

    LONDON (ShareCast) - Irish property services group Veris is laying off staff after warning that the downturn in the UK and America will hurt volumes at its moving and storage business.

    Ahead of interim figures due at the start of September, the firm said full year earnings will be flat, with lower volumes within the Irish commercial sector also to blame.

    “As we enter the important peak quarter for this division (July-September), the indicators at this stage are such that we believe this division will not perform as strongly as originally envisaged for fiscal 2008,” it said.

    Around 5% of the workforce will either go on to a shorter working week or lose their job.

    “Trading in the moving and storage division is expected to remain weak in H2 but is expected to be partly offset by the facilities management and property management divisions which continue to trade in line with expectations,” added the group.

    The two better performing units account for around 80% of group turnover.

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