PROFIT WARNING: Dozens of firms report Profit alerts
Insurance firm Britam has issued a profit warning, joining a dozen other listed companies, all citing a tough economic year. The firm that has interests in insurance and investments in an ad in the Dailes Sayss the worth of its shares and bonds fell sharply to result in billions of losses on the company’s asset base. The statement reads, “The decline in the group’s profitability is attributed to the downturn in the economic operating environment. Britam’s warning came on the same day as UAP holdings’ – one of the biggest insurers that has in the last year been acquired by united kingdom’s old mutual.
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