Interbulk issues profit warning
Interbulk, a logistic company that makes most of its money shipping chemicals, has issued a profits warning at the same time as announcing that it has refinanced its debt.
Interbulk, a logistic company that makes most of its money shipping chemicals, has issued a profits warning at the same time as announcing that it has refinanced its debt.
Blaming the European recession, supply chain volatility and a weak euro, the company confirmed that "revenue for the year ended September 30th 2012 is expected to be slightly below market expectations [and] profit before tax is expected to be below market expectations and similar to the year ended September 30th 2011."
On a more positive note Interbulk has refinanced its debt with a new four-year debt package totalling £76.7m with the Banks of Scotland. The deal should save it around £1.5m in interest charges annually, commencing in the year ending September 30th 2013.
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The company, with a market cap of £26m, rose slightly in early morning trade on Monday.
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