Erinaceous said it swung to pre-tax loss of £3.9 mln at June 2007 from a profit of £12 mln in June 2006. The 'property support services company, which published its half-year results on Thursday, said that it 'will not meet the market expectations for the full year', and announced it is launching 'a strategic review of assets', to be completed by the end of the year. CEO Neil Bellis will step down as part of 'management changes' reflecting the company's effort to counter its poor performance in the first half.
Erinaceous said it swung to pre-tax loss of £3.9 mln at June 2007 from a profit of £12 mln in June 2006. The 'property support services company, which published its half-year results on Thursday, said that it 'will not meet the market expectations for the full year', and announced it is launching 'a strategic review of assets', to be completed by the end of the year. CEO Neil Bellis will step down as part of 'management changes' reflecting the company's effort to counter its poor performance in the first half.
Chairman Nigel Turnbull will take over from Bellis - the largest shareholder - who moves into the role of deputy chairman. Turnbull said: 'This has been a demanding half year with management focused on evaluating the various approaches made by potential bidders and property transactions rather than running the business. The management changes address this issue.'
