Finncap
Posted on 2 May 2014 at 07:47
Redhall Group^: Trading update (HOLD)
The group has announced a disappointing trading update, with some delays being seen in order placement. In addition, it has announced a further review of its contract retentions, taking a further £0.5m exceptional charge. The group has announced the restructuring of its Nuclear finance team, which causes a restructuring charge of £0.37m. The group has also announced that its FD, Chris Lewis-Jones, has stepped down and will be replaced by Chris Kelly. We are reducing our PBT forecasts for both 2014 and 2015 by £0.5m. This takes our 2014 PBT to £2.1m, with EPS at 5.2p. This is a further disappointment and as a result we are moving our rating from Buy to Hold.
Analyst: David Buxton
