City File: William Baird

WILLIAM BAIRD, the Windsmoor ladies' wear group, has learned that the City does not like shocks. Last Wednesday's results revealed extraordinary losses of pounds 6.3m, more than twice what had been expected. If it had used the new FRS3 accounting standard, pre-tax profits would have been pounds 14.2m, not the pounds 23.4m reported.

After a particularly pointed analysts' meeting, Baird's shares were marked down 22p to 266p. They recovered 1p by the end of the week but will not make up the lost ground until Baird wins back the City's confidence.