The company, which report its half-year results next Thursday, issued a trading statement today saying trading in February has shown “few signs of improvement”.
“We have not experienced any material change in our market position during this period [since the trading update] and these results therefore reflect the extreme challenges faced by our clients at this time,” said the company. “As previously indicated, we have made significant reductions in our cost base during the past few months in order to offset some of the effects of these weak market conditions.”
“Unless there is a reduction in the recent rate of revenue decline for the remainder of this financial year, we anticipate our performance for the year to June 2009 to be significantly below the board’s expectations,” it added.
The group added, however, that it is confident its “fundamental strengths” remain unchanged.
