CPU 1.26% $16.51 computershare limited.

Profit warning - here we go again!

  1. 1,380 Posts.
    Will once again be punished after releasing this;Computershare to fall after profit warning
    7-November-2002
    Australian share registry and financial software group, Computershare (CPU) looks to weaken after it said this morning that results for the first half will be around 25% below the first half of last year.

    “Computershare reported a $71.29 million net profit for 2001/02, a rise of 84% however the normalised result adjusting for one-offs was up only 5.5% to $57.9 million.









    “The first quarter results have been well below expectations but we have seen an improvement in October," chairman Alexander Murdoch told shareholders.

    He added that as organisational restructuring continues together with reduced dependence on outside bureau fees and general cost reduction programs, “these will begin to deliver substantial benefits in the second half.”

    “In this uncertain market it is difficult to predict the full year, but with reduced costs and a slight improvement to trading conditions we expect to be close to last year's results,” Mr Murdoch said.

    He said the company’s long-tern strategy remains “unchanged”, including moving forward in the UK, Europe and the US “through acquisition and/or affiliation.”

    The company also announced today an agreement with Charles Schwab Corporate Services to acquire Schwab's US employee stock purchase plan (ESPP) business.

    Schwab will continue to offer stock option plan services directly to clients and Computershare will provide technology, administration and other participant services to all of Schwab's ESPP clients, integrating them into Computershare's existing employee share plan business.

    “In addition to the acquisition, Schwab and Computershare have entered into a strategic alliance to provide ongoing equity plan solutions for prospects and clients requesting combined employee stock purchase plan and stock option plan services,” Computershare said.

    Charles Schwab Corporate Services is a leading provider of workplace financial benefits.

    In early trade before the ASX’s Seats trading and pricing system broke down, Computershare was 28c, or 12% lower to $2.02

 
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