LONDON (ShareCast) - In-flight products firm Watermark warned Friday that the group's loss for the half year will be “significantly” greater than the firm had initially expected.
It said operational issues at the Services business have been bigger than first anticipated, with controls over costs neglected during late 2006 and early 2007 impacting heavily on profitability.
But the company said the division’s performance has improved since the end of June and cash management within the group remains satisfactory. It remains confident of a successful turnaround.
“The board is also currently reviewing full year expectations, which are expected to reflect the considerable progress made in stabilising the business against the backdrop of the H1 performance,” said Watermark.
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