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CMG shares slide on weak results fears

Investors get twitchy...

By Heather McLean

Published: 28 August 2001 15:32 GMT

CMG shares crashed this morning amid concerns that the IT services and solutions organisation will announce weak current trading reports along with its interim results this week.

At lunchtime today CMG shares were trading at 224.25 pence, down 7.24 per cent or 17.50p, from this morning's opening price of 240p.

Brokerage firm, J P Morgan stated CMG is expected to release interim revenues in line with previous predictions of £452m and diluted earnings per share of 1.5p.

However, the investment firm is planning to downgrade its estimates on CMG's results for fiscal 2001 and 2002.

A research report from J P Morgan, referenced on Reuters, said trading at CMG has deteriorated since the company's last update, so a downbeat trading statement accompanying the interim report is expected.

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