STW Group earnings drop by 5 per cent with CEO Mike Connaghan blaming lack of new business
STW Communications Group’s earnings dropped 5 per cent last year with CEO Mike Connaghan pinning the blame on the group’s new business record, signalling it is undergoing a “strategic and structural review of the business”.
While company revenues were up 10.1 per cent to $442.9m for the year ended December 31, earnings before interest, tax, depreciations and amortisation (EBITDA) were down 5 per cent to $83.3m, with underlying net profit down 7.8 per cent to $45.6m.
The announcement of the group’s financial results follows on from the resignation of chief operating officer Chris Savage on Wednesday.
Shares in the company have plunged over the last 12 months, although they have picked up from a low of 88c on January 29 and are trading today at $1.025, amid speculation the group could be an acquisition target for WPP.
http://www.frederiksamuel.com/.....t-axe.html
Shares down 20% as of 11 am.
Sorry @stevo but it’s currently trading 0.24% back not the 20% you mention – don’t know what your looking at
This https://www.google.com/finance?cid=673114
@Not quite – have another look matey – as of 2pm they are down 22.7% on the day