FFI falls after 'significantly slower' second half

FFI Holdings' share price plummeted on Monday after the company reported a "significantly slower" second half of the year for its completion contract business amid a decrease in average production size.

The provider of diversified services to the entertainment industry said the business had also been affected by the timing of closing current deals, a lack of larger production titles and reserves for possible claims, the details of which are still be worked out.

Furthermore, its insurance agency business has suffered due to a delay in certain larger budget projects which had been scheduled for completion in the first quarter of the current year but have now been pushed back to the second quarter.

The AIM traded company said that the combined impact of these factors is expected to be approximately $6m of EBIT.

While there is considerable uncertainty in the incidence and timing of a number of items, the board of directors now expects full-year Underlying EBIT to be in the range of $7.5-$11.5m, down from $16.6m the year before.

FFI Holdings' shares were down 33.33% at 15.00p at 0904 GMT.