Trading update from listed QS blames postponement of projects affected by funding issues
Listed QS Baqus has said that its results for the six months ended 31 December 2009 will be below market expectations.
In a trading update this morning, it said: 鈥淭his is in part due to deferred or cancelled projects in the public sector and private sector schemes held up by the reluctance of funders to commit.鈥�
The company has cut back staff in order to save 拢500,000, which will see the balance sheet hit by exceptional costs in 2009.
Baqus chief executive Clive Sayer said: 鈥淚t is thanks to the board's experience of previous downturns that we have acted quickly to manage our cost base, which we have successfully reduced by 拢500,000 per annum whilst remaining appropriately staffed given the current economic climate.
鈥淭he group is now positioned in such a way that it can react effectively to any improvement in the wider construction industry.鈥�
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