Stock Market News
Conviviality slumps again as it confirms guidance range for full-year earnings
AIM-listed alcohol wholesaler and distributor Conviviality was under pressure again as it confirmed that adjusted earnings for the current year will come in between £55.3m and £56.4m, 20% below market expectations.
The company had already said last week that it expected earnings before interest, tax, depreciation and amortisation to be 20% lower than market views, but had not given a range. It said at the time that the change in expectations reflected a "material error" in the financial forecasts of the Conviviality Direct business and it confirmed on Tuesday that this was in fact an arithmetic error in the compilation of the forecast.
Conviviality said the guidance reflects trading for the current financial year to the date of the announcement, combined with the current expectation for the likely trading performance of the business for the remainder of the current financial year.
"This includes the impact of the error in the financial forecasts of the Conviviality Direct business and the assumption that the margin weakness seen in January and February continues for the remainder of the current financial year," it said.
At 1550 GMT, the shares were down 12% to 101.40p.
The company had already said last week that it expected earnings before interest, tax, depreciation and amortisation to be 20% lower than market views, but had not given a range. It said at the time that the change in expectations reflected a "material error" in the financial forecasts of the Conviviality Direct business and it confirmed on Tuesday that this was in fact an arithmetic error in the compilation of the forecast.
Conviviality said the guidance reflects trading for the current financial year to the date of the announcement, combined with the current expectation for the likely trading performance of the business for the remainder of the current financial year.
"This includes the impact of the error in the financial forecasts of the Conviviality Direct business and the assumption that the margin weakness seen in January and February continues for the remainder of the current financial year," it said.
At 1550 GMT, the shares were down 12% to 101.40p.
Related share prices |
---|
Conviviality (CVR) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price