Metrodome plunges after profit warning
Shares in Metrodome plunged after it warned operating profit for the year to 31 December 2011 is expected to be materially below current market expectations.
Shares in Metrodome plunged after it warned operating profit for the year to 31 December 2011 is expected to be materially below current market expectations.
"Despite the group's trading divisions Metrodome Distribution and Hollywood Classics trading in line with expectations, Target Entertainment, the group's TV distribution business, has experienced tougher than expected trading conditions in the final quarter of the year," the group explained in a company statement.
"As in previous years Target expected to generate most of its revenue in the last six weeks of the calendar year but has recently been unable to achieve forecast revenue for its TV product due to a marked slowdown in sales in European markets," it added.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chairman Mark Webster commented, "Despite the difficult market conditions, we have been satisfied with the performance of Metrodome Distribution and Hollywood Classics which has integrated well into the group since its acquisition in August."
"However, due to the fact that a majority of Target's revenues are derived from international markets we have seen its performance materially affected by the adverse macro-economic conditions in Europe. Many of our customers are either not buying product at all or delaying decisions on any new purchases which has led to a worse than expected financial performance."
--
cj
-
Lifetime ISA reform: Retirement option could be scrapped in overhaulA consultation on a product replacing the Lifetime ISA is set to be launched this year, and the option to use it to save for retirement is expected to be axed in the shake-up
-
HMRC stamp duty crackdown sees probes of property deals jump 88% – what to watch out forFrom bogus stamp duty refund claims to misleading the taxman about who owns a property, HMRC is increasing its scrutiny of stamp duty land tax reporting. Here’s how.
