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Cavanagh hit by client deferrals and announces redundancy programme

Cavanagh has announced a redundancy programme and says it now expects to break even before costs for the second half of the year.

In a trading statement released this morning, the firm says it has been hit by turbulence in the financial markets causing clients to defer investment decisions to a greater extent than originally envisaged.

It says in particular some significant corporate business is now expected to be implemented in the first half of 2009.

The firm says it expects to break break-even before the amortisation of intangible assets and costs associated with the redundancy programme, for the second half of 2008, and will still be profitable for the year.

The statement says: “In view of the challenging conditions across the sector, the Board has taken action to reduce overheads and further improve operational efficiencies, the benefits of which will be seen in 2009.”

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