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Chesterton International Issues New Profit Warning

LONDON-Troubled property consultant Chesterton International has issued its third profit warning to the London Stock Exchange. It now anticipates making a significant loss for the six months ended 31 December, 2001.

By Graham Parker | Updated on January 22, 2002

LONDON-Swingeing job cuts have failed so far to stem the losses at troubled property consultant Chesterton International. In its third profit warning in a year, the company has told the London Stock Exchange that it now anticipates making a significant loss for the six months ended 31 December, 2001.

Newly-installed chief executive Lorraine Baldry said in a Stock Exchange announcement: ‘As previously anticipated, income levels for the company’s transaction-based businesses, in both the commercial and residential markets, have fallen short of those for the equivalent period last year.’ And she warned that turnover in the commercial markets was unusually slow during December with a number of transactions being deferred. However, non-transactional business like facilities management is holding up better, Baldry said.

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