Missed this gem when it came out so I thought I’d post it in full, I know I said I wouldn’t post but I just had to.
From COF
MARKET UPDATE Coffey International Limited (ASX:COF) (Coffey) today issued the following interim announcement. Market conditions have deteriorated significantly in recent weeks with commodity prices, particularly gold, falling sharply. This has been accompanied by some broader loss of business confidence in the Australian market.
The previous half year result demonstrated Coffey’s ability to mitigate changing market conditions and the company continues to adapt further to the current deterioration in the Australian resources market. However, Coffey's Australian Geosciences and Projects businesses are experiencing an increasing number of project delays.
As a result, it is now unlikely that the company will achieve its previous market guidance of a H2 EBITDA performance that equals or exceeds the H1 result.
The Company can confirm that its International Development business continues to perform in line with expectations and that all banking covenants have been met. We will further update the market on or before 13 May.
BE PREPARED when BLY start coming out with these. And don’t get caught holding the bag, thinking BLY aren’t suffering.
DYOR
BLY Price at posting:
93.5¢ Sentiment: Sell Disclosure: Not Held
