Worsening economic environment leads to property and contracting group pulling its shares
Property and contracting group Speymill has pulled its shares from the Alternative Investment Market pending clarification of its financial position.
In a statement to the City it said: “The worsening macroeconomic environment has further affected Speymill Contracts. The results of Speymill Contracts have now been impacted by additional client and sub-contractor administrations, combined with further margin slippage on other projects due to the current environment.
The impact of these events, has led the board to conclude that the group will now realise a significant loss before tax and exceptional items, which has yet to be quantified, for the year ended 31 December 2008.”
Speymill, whose contracting arm is a specialist in the hotel, leisure and retail industries, turned over £52.7m in the year to 31 December 2007 and made a pre-tax profit of £2.3m.