Cello lowers trading expectations for year ahead
Cello Group, the company which owns the Tangible group and The Leith Agency has lowered its annual earnings estimate by £4million to £15.2million.
Reflecting the current international economic crisis the group has said that it has altered its estimates with the change in trading conditions since it made its estimates last September and that they will are lower than expected.
The statement read: "Since the announcement of the group's interim results in September, trading has tightened across certain sectors of Cello's broad domestic and international client base. As a result, the board anticipates that the group's results for the full year will be at the lower end of market expectations."
Cello will announce its preliminary results for 2008 on March 17.
The company has seen its share price fall by around 70 per cent in the last year.
This follows the recent tragic news of the death of Kevin Steeds, former executive chairman in December. Mark Scott, chief executive of Cello has taken on Steed’s responsibilities at Cello.