Outsourcing company Miller Fisher Group said it expected to report an operating loss before interest for the year to 31 December 2001, thanks mainly to lower UK revenues for the second half of the year.
The company has also ruled out any final dividend payment.
Miller Fisher, which provides outsourcing services to the insurance and financial services industries, said second-half UK loss adjusting and third party administration revenues were down on the first six months of 2001 because of tough trading conditions.
The group's second-half expenses were also up thanks to UK restructuring costs and the cost of a proposed share issue.
The restructuring was carried out to reduce the group's cost base in order to return it to operating profitability.
Miller Fisher reported a retained loss of £3.3m, on turnover of £59m, for the year to 31 December 2000. The loss per share was 1.95p.
In a statement, the company repeated that it had agreed in principle to issue 13.25 million cumulative redeemable convertible preference shares, at £1 each, to the Bank of Scotland. Miller Fisher will use the issue to reduce bank debt.
It said details of the proposed issue and other related matters were now being finalised and it expected to distribute a circular to shareholders seeking shareholder approval for the proposals in the near future.
It first announced the share issue on 6 December last year.
