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.
Subscribe to 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
The company, with a market cap of £26m, rose slightly in early morning trade on Monday.
CM
-
Coventry Building Society bids £780m for Co-operative Bank - what could it mean for customers?
Coventry Building Society has put in an offer of £780 million to buy Co-operative Bank. When will the potential deal happen and what could it mean for customers?
By Vaishali Varu Published
-
Review: Three magnificent Beachcomber resorts in Mauritius
MoneyWeek Travel Ruth Emery explores the Indian Ocean island from Beachcomber resorts Shandrani, Trou aux Biches and Paradis
By Ruth Emery Published