Davenham takes pre-emptive measures to stave off market problems
Monday, October 20, 2008
Finance firm Davenham has responded to dramatically deteriorating market conditions with a series of pre-emptive strikes designed to protect the business.
However, the AIM listed firm, which lends money to small and medium sized businesses, said it would not be profitable this year. It said the property market, in particular, had continued to weaken with an exceptionally low volume of transactions since the company announced its full year results in September.
As a result, Davenham has stopped writing new facilities in its property division, ramped up resources for its specialist recovery unit and sacked 20% of its staff.
As part of the efficiency drive, the company has also shelved plans to pay a 7p per share final dividend in an effort to conserve cash. It is also in talks with its banks over extending its facilities beyond December 2009 to reflect the changed dynamics of the business.
On a brighter note, the company noted that new business in trade and medium and large ticket asset finance had continued at satisfactory levels.
|
Relevant Companies
For more Company information and share price data click below:
Headlines
» Oil & Gas Round-Up: 9 January
Friday, January 09, 2009
» Mining Week: 9 January
Friday, January 09, 2009
» Cleantech investor: Peter Linthwaite, Managing Partner of CT Investment Partners
Friday, January 09, 2009
» Eidos revenues set to be hit by heavy discounting
Friday, January 09, 2009
» Lombard Medical raises new cash for Aorfix development
Friday, January 09, 2009
» Avacta to buy Curidium in move to bolster diagnostics offering
Friday, January 09, 2009
» African Eagle Resources shelves all operations except Dutwa nickel project
Friday, January 09, 2009
» RedHot Media wins new advertising agency contracts
Friday, January 09, 2009
» Operational problems lead Stratic to abandon North Sea well
Friday, January 09, 2009
» Pilat signs new contract with major US cable television network
Thursday, January 08, 2009
» Avanti Communications wins government broadband contract for Northern Ireland
Thursday, January 08, 2009
» Vyke selected to join Avaya DevConnect programme
Thursday, January 08, 2009
» Water Hall loses on Lloyds TSB investment but eyes new acquisitions
Thursday, January 08, 2009
» InterQuest sees permanent placements fall but remains upbeat on strategy
Thursday, January 08, 2009
» Costain resists economic woes with strong figures and brimming order book
Thursday, January 08, 2009
» Loanmakers struggles as poor trading compounds funding problems
Thursday, January 08, 2009
» See all News
Features
» Cleantech investor: Peter Linthwaite, Managing Partner of CT Investment Partners
Friday, January 09, 2009
» Bulls and bears: Southern Bear plc
Friday, December 19, 2008
» Got milk: National Milk Records plc
Friday, December 12, 2008
» Interview with John Pierce, Chief Executive of the Quoted Companies Alliance
Friday, December 05, 2008
» Acquisition trail: Intellego Holdings plc
Friday, November 28, 2008
» Speech recognition: Eckoh plc
Friday, November 21, 2008
» Hunting for oil: GETECH Group plc
Friday, November 14, 2008
» Mobile marketing: HipCricket Inc
Friday, November 07, 2008
» Market maker: GoIndustry-Dovebid plc
Friday, October 31, 2008
» Breathe easy: Verona Pharma plc
Friday, October 24, 2008
» Well connected: Nexus Management plc
Friday, October 17, 2008
» Fine form: Formjet plc
Friday, October 10, 2008
» Interview with Jim Hannon, Hannon Westwood
Friday, October 03, 2008
» Interview with Tim Feather, Hanson Westhouse
Thursday, September 25, 2008
» Interview with Mark Fahy, London Stock Exchange
Tuesday, September 16, 2008
» Healthy return: Source BioScience plc
Friday, September 12, 2008
» See all Features
Most Read
» Cleantech investor: Peter Linthwaite, Managing Partner of CT Investment Partners
Friday, January 09, 2009
» Oil & Gas Round-Up: 9 January
Friday, January 09, 2009
» Mining Week: 9 January
Friday, January 09, 2009
» Antrim Energy submits Causeway field development plan
Monday, December 29, 2008
» RedHot Media wins new advertising agency contracts
Friday, January 09, 2009
» Water Hall loses on Lloyds TSB investment but eyes new acquisitions
Thursday, January 08, 2009
» Eidos revenues set to be hit by heavy discounting
Friday, January 09, 2009
» Lombard Medical raises new cash for Aorfix development
Friday, January 09, 2009
» Cleantech investor: Peter Linthwaite, managing partner of CT Investment Partners
Friday, January 09, 2009
» Avacta to buy Curidium in move to bolster diagnostics offering
Friday, January 09, 2009
» Economic slowdown: threats and opportunities for the wind industry
Tuesday, December 30, 2008
» Operational problems lead Stratic to abandon North Sea well
Friday, January 09, 2009
» Breathe easy: Verona Pharma plc
Friday, October 24, 2008
» Avanti Communications wins government broadband contract for Northern Ireland
Thursday, January 08, 2009
» Pilat signs new contract with major US cable television network
Thursday, January 08, 2009
» Government moves to promote the UK renewable energy industry
Tuesday, December 30, 2008
Profiles
» Cleantech investor: Peter Linthwaite, managing partner of CT Investment Partners
Friday, January 09, 2009
» Helius Energy: generating power from biomass
Monday, January 05, 2009
» Will AIM move forward on green?
Friday, January 02, 2009
» Big ideas for small caps - cleantech is still a fast growing investment theme
Tuesday, December 30, 2008
» Positive flow: Hydrodec plc
Tuesday, December 30, 2008
» Diesel power: China Biodiesel plc
Tuesday, December 30, 2008
» Waste deep: Bioganix plc
Tuesday, December 30, 2008
» Government moves to promote the UK renewable energy industry
Tuesday, December 30, 2008
» The future for renewable energy
Tuesday, December 30, 2008
» Economic slowdown: threats and opportunities for the wind industry
Tuesday, December 30, 2008
» Analyst briefing…
Monday, December 08, 2008
» Short term AIMs for software and IT companies and their route through recession
Wednesday, November 19, 2008
» An introduction to Bango
Monday, November 10, 2008
» Delivering security when budgets are tight
Thursday, November 06, 2008
» So what are you going to do in 2009?
Monday, November 03, 2008
» Well connected: Nexus Management plc
Sunday, November 02, 2008
|