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March 28, 2010

Vantis revises down expected profits

HLB International member firm Vantis is revising down its expectations for activity levels in its business recovery division.

The company is experiencing lower activity than expected activity in the financial year that will end on 30 April.

The UK Alternative Investment Market (AIM)-listed Vantis now expects a number of further exceptional charges, mostly relating to asset impairment and predominantly non-cash items.

Vantis still expects to save £5m ($7.5m) per annum from its ongoing cost reduction programme.

In interim results to the six months to 31 October 2009, Vantis posted a £10.7m loss compared to a £4.6m profit the previous year.

 

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