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Network Data in profit warning

Network Data Holdings has issued a profit warning ahead of its half-year results, to be published in September.

In April, the firm revealed a loss of £1.1m in 2007 compared with a profit of £300,000 in 2006 as a result of the delay in the launch of home information packs.

Its latest trading statement reveals that the firm has halved staff numbers since last September in a bid to reduce costs.

Despite the cuts, the company says the results for the full year to December 31 are likely to be below market expectations.

Chairman Grenville Folwell says that the group’s three subsidiaries – Network Data, Network Surveyors and Hipstar – all rely on the volume of transactions in the mortgage and property markets and have therefore found the first six months of this year to be “a challenging environment”.

He says: “Overall, while we expect 2008 to signal the bottom of our markets in terms of transaction levels, there are as yet no signs of recovery and the only rat-ional course of action for the management of the group has been to cut our costs accordingly.”

Prestbury Holdings this week also revealed a loss of £1m compared with a profit of £250,000 in 2006. It warns that revenues for the year ending December 31 will be “significantly reduced”, with adverse conditions continuing into the first half of 2009.

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