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Cavanagh Group issues profit warning

Cavanagh Group has issued a profit warning, blaming the integration of Ernst & Young Financial Management and higher than expected trading costs. The IFA which specialises in advising the legal and accountancy professions says it expects to go into profit in the first half of 2005 rather than December 2004 as previously predicted. Shares fell 12 per cent to 88p on the announcement and are now almost half their value of 170p three months ago.

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