Rolfe & Norman warns of lower profits
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES in Rolfe & Nolan sank 10 per cent yesterday after the computer company's chairman warned that interim profits were likely to be below last year's pounds 707,000. He blamed slow licence sales orders, writes Topaz Amoore. The shares closed at 255p, down from 283p, after Tim Hearley told the annual meeting that it was too early for a firm indication of likely results for 1993-94.
'The level of licence sale prospects remains encouraging, both in Europe and in the US, but it is now clear that the timing of orders has become more protracted and uncertain,' he said.
But he also launched a new system called Lighthouse, devised for products such as swaps and interest rate options. Rolfe expects it to open up opportunities in Europe, North America and the Asia Pacific region.
In the year to 28 February pre-tax profits at Rolfe, which specialises in futures and options, declined from pounds 1.39m to pounds 1.22m.
The figures were depressed by losses at Brokerage Systems, a Chicago firm in which Rolfe bought a 19.9 per cent stake last year and acquired the remainder in April.
Mr Hearley said Rolfe had net cash in excess of pounds 3m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments