Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Dividend suspended at MDIS

Jill Treanor
Thursday 03 October 1996 18:02 EDT
Comments

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.

Investors in the troubled McDonnell Douglas Information Systems company were dealt another blow yesterday, as the shares dived 7p to 54p on worse- than-expected half-year losses of pounds 9.4m and news that the interim dividend was being scrapped.

The computer services firm also warned that it did not expect the previously announced restructuring of its operations to yield any benefits until 1997.

MDIS has made several profit warnings since its shares were floated at 260p each on the stock market in March 1994. The latest results compare with a pounds 1.67m profit in the first half of last year. Half-year turnover fell from pounds 79m to pounds 60.5m, in part reflecting the disposal of non-core businesses last year.

"The directors planned for 1996 to be a turnaround year leading to scope for improved financial performance in 1997 and subsequent years," a MDIS spokesman said yesterday.

"In the short term, trading conditions continue to be difficult and the benefits of the restructuring are unlikely to be evident until 1997."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in