Thorn warns again
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Thorn has warned that it expects to make a full year loss of around $6m, compared to the prior guidance of a profit of $6m-8m (which itself had been downgraded from $7m-10m).
The loss largely relates to a $7.4m provision in its Business Finance division owing to defaults for equipment finance, combined with continued weakness in its consumer leasing division.
The stock is currently down 20% and around 5% since we last updated on the company in November.
Given the string of disappointments from the business we're re-examining the investment case and will provide a detailed update next week. In the meantime, we're placing the stock UNDER REVIEW.
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