Coventry earnings slashed by floods

Automotive industrial firm Coventry Group has downgraded its earnings guidance by $1 million for the current financial year, citing weaker-than-expected trading conditions and the negative impact from the Queensland floods.

In December Coventry forecast earnings of $4 million for the first half of financial year 2010/2011, but has reduced that forecast to $3 million.

Coventry said it would release its first half financial results February 25.

Coventry told the ASX today it intended to pay an interim dividend similar to last year's, which was 6 cents per share.