LONDON (ShareCast) - Shares in Claimar Care fell heavily again today just a week after it issued a profit warning, as it accompanied its interim results with a gloomy update on current trading.
The care services group slipped into the red in the six months to 31 March 2008, registering a pre-tax loss of £80,000 after taking a £676,000 hit on the amortisation of intangible assets. In the corresponding period of 2007 the company made a pre-tax profit of £690,000.
Finance costs soared to £0.6m from £0.1m, as borrowing levels were increased to finance two acquisitions during the reporting period.
Revenue grew from £9.1m to £24.1m.
“Trading since the interim period end has been challenging, however the board have introduced a number of measures to respond to the issues raised in our trading statement made last week,” said Claimar’s chairman, John Crabtree.
Last week Claimar shares lost more than a third of their value in a single day after the group said earnings per share will be lower than in 2007 and will be significantly below market expectations.
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