Terence Chapman warns of increased losses

Terence Chapman warns of increased losses

Shares in the Terence Chapman Group have slumped to record lows after the specialist financial consultancy warned that project delays and cancellations by investment banking clients would lead to bigger-than-expected losses for the half year to August 2002.

In a trading update, the company says that clients in the wholesale and investment banking community are continuing to review their capital spending plans for 2002, which has resulted in further project delays and cancellations over the last few months.

Andrew Jurczynski, chief executive officer, comments: "We have seen the general pessimism in the market in Q4 of 2001 carrying over into Q1 of 2002 and see little sign of improvement as yet."

In light of current trading and the uncertain outlook, he warns that the company's revenue for the year will fall below current market expectations, resulting in an increased loss.

Shares in TCA dropped by £0.09 pence, or 30%, to £0.22 on the news, marking an 82% fall in value over the past year.

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