Business Services Industry
Brambles loses spot in UK index.
Australasian Business Intelligence, December, 2002
Dec 05, 2002 (The Australian Financial Review - ABIX via COMTEX)
Australian/UK logistics and pallets group Brambles Industries is to be omitted from the FTSE 100 index in the UK. The change will be formally announced on 11 December 2002 and follows the company's dismal showing during 2002, with its shares finishing at $A4.29 on 5 December 2002, a decline of 60 for the year to date. The omission could see 30 million of its shares sold by index managers, according to analysts. JP Morgan has questioned the company's disclosure of a nine per cent fall in EBITA for the four months to 31 October 2002. Morgan says this does not allow for accounting changes, and the real decline was more like 15. Morgan questioned whether the company could meet its earnings forecast...
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