Coventry downgrades profit forecast

Redcliffe-based Coventry Group Ltd has downgraded its profit outlook for the half year to December 31, 2007, predicting that its pre-tax result will be "significantly below" that of the previous corresponding period.

This is the latest of several profit downgrades to plague the company following disruptions to its Automotive Division as a result of the implementation of a new Compass information system and the relocation of its headquaters and distribution centre from Morley.

Coventry said it was premature to seek to update the market on the likely results for the full year but it remained confident that the moves would enable the Automotive Division to show superior results in the future.