FINANCE company Cattles warned that full-year profits will be well below forecasts.
The latest blow for the Birstall-based business follows a review into the adequacy of its bad debt provisions.
Cattles said the process was still taking place, but was expected to result in pre-tax profits being “substantially lower” than market expectations.
The firm’s annual results have been delayed pending completion of the review.
Shares fell further yesterday – worsening the slump which followed Cattles having to concede defeat in its long-running attempt to secure a licence for banking deposits.
Cattles, which operates Welcome Finance, has already said it will axe 1,000 jobs and close its Hull office due to reduced business volumes.