By Kevin McCauley
Huntsworth announced today that 2010 revenues will fail to meet management expectations as contract negotiations with large international accounts are taking longer than anticipated.
Its stock fell 7.1 percent to 71.75p on the news.
CEO Peter Chadlington remains confident the delayed revenue will hit Huntsworth’s books next year. This year's profit is in line with expectations.
He said Huntsworth has made the "very difficult transition from being a series of loosely affiliated companies into a streamlined, efficient international communications business."
For instance, Grayling, which accounts for 49 percent of group revenues, has picked up big wins such as Hilton Worldwide and Volkswagen Middle East.
Huntsworth also announced that Tymon Broadhead, group finance director, is leaving the company and board of directors during the first-half of 2011 to "pursue other career interests."
He will be replaced by Colin Adams, who will join from Bloomsbury Publishing Plc.
|