Veris warns of tough times as trading is hit by economic downturn
Wednesday, July 23, 2008
Shares in Veris fell more than 25% to 81p this morning after the Irish facilities and property management business warned that earnings for the year to December 31, 2008, were likely to be flat.
In a trading update for the six months to June 30, the company said its facilities management and property management divisions, which account for around 80% of turnover and profits, had traded in line with budget.
However conditions within the moving and storage division had been more challenging driven primarily by the downturn in the US and UK economies. It said this had resulted in a fall off in the volume of transactions between the US and UK to Ireland and decreased volumes within the Irish commercial sector.
In response, Veris said it was restructuring the moving and storage operation in an effort to re-balance the cost-revenue base.
Looking ahead, it said the division was expected to continue to experience weak trading but that this would be partly offset by the facilities management and property management divisions.
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