Erinaceous posts H1 pretax losss; says integration of acquisitions and divisional management changes had a 'detrimental effect' on results.
Erinaceous Group has swung to a first-half pretax loss saying the integration of acquisitions and divisional management changes had a 'detrimental effect' on results.
The company posted a pretax loss of £3.9m loss compared with pretax profit of £12m a year ago.
Revenue rose slightly to £116.5m from £108.9m a year earlier.
The company warned it will not meet the market expectations for the full year excluding its property transactions division.
However, It said it will meet market expectations overall as a result of completed property transactions.
The company also warned there is significant uncertainty regarding its ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.
It added that it It has sufficient financial resources to meet its trading and financial obligations.
Erinaceous said it breached certain of its banking covenants due to poor trading in the first half adding that a waiver was obtained before June 30 and that it will also undertake a review of the business, its assets and its strategy over the coming weeks, which will be independently reviewed on behalf of the Banks.
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