Shares in AIM quoted Goindustry (LON:GOI) fell by 13p to 37.5p in trading this morning after the online auction group warned that its 2011 operating performance was likely to be severely impacted by delays to a number of major auctions that had been scheduled for this year. It said that several large projects had been delayed to 2012 and that the added effected of continued weakness in the US market meant that its performance for the year would be “well below” earlier expectations.

Over the summer GoIndustry told investors that the result for the full year to December 2011 would depend on the outcome of a number of large asset disposal programmes scheduled before year end. In today’s update, it said that while the current performance was “disappointing” it expected a substantial improvement in 2012 and that the directors continued to believe the group has good prospects. In particular, it said that it was continuing to sign corporate forward flow accounts with large multinational organisations, including five new global contracts since 30 June 2011, and was currently working with three of the four largest UK manufacturing organisations. In addition, for the third consecutive year the company has received the prestigious Business Partner Excellence Award from Procter & Gamble; in 2011 only 80 of 75,000 suppliers achieved this award.

GoIndustry runs an online service for companies that want to sell unwanted assets. In the half year to June, the company reported gross asset sales of £58.1 million, down from £74 million in 2010, with adjusted losses before tax of £1.4 million, down from a profit of £0.51 million a year earlier. Net debt increased to £4.2 million from £0.9m million.

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