Baqus warns half-year results will not meet expectations

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: “This 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.”

Sayer: "we have acted quickly to manage our cost base"

The company has cut back staff in order to save £500,000, which will see the balance sheet hit by exceptional costs in 2009.

Baqus chief executive Clive Sayer said: “It 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 £500,000 per annum whilst remaining appropriately staffed given the current economic climate.

“The group is now positioned in such a way that it can react effectively to any improvement in the wider construction industry.”