Misys, the software and financial services company, yesterday shocked investors with a warning that its profits would nosedive this year after suffering from poor trading conditions.
The news that revenues for the half-year are likely to be 10 per cent down on 2002 sent the shares tumbling by more than 20 per cent, knocking more than £300m off the value of the company The shares closed at 221.5p, down 58.5p. But first it must emerge unscathed from its most important trading period at a time when conditions on the high street are worsening.Richard Ratner, at Seymour Pierce, warned that the company would have “severe problems” if, as feared, the “all-important” January sale is unsuccessful.Homestyle said like-for-like sales at Harveys, which also sells kitchens, slumped 7 per cent in the six months to 1 November. Excluding the Kitchen Studio business, which it is considering selling, the division’s losses spiralled to £6m.Although it said revamping the stores’ product range had helped like-for-like sales to rebound, rising 6 per cent in the past six weeks, analysts noted this was against very weak comparatives.. He declared his interest in buying out the firm in September.”The proposal put forward by the consortium, involving an offer of 305p in cash per Chelsfield share, has been rejected by the independent directors as they believe that it may not fully reflect the long-term value of Chelsfield,” said the company.Chelsfield shares closed last night at 310p, valuing the business at £875m.. Homestyle axed its interim dividend yesterday after a terrible summer for its Harveys furniture arm dragged it sharply into the red.

Its shares plunged 8 per cent to 124p.Gillian Hilditch, a retail analyst at Arbuthnot, said: “As always it was an extremely unimpressive performance from the company.”Despite scrapping plans for an interim payout, the company said it expected to pay a final dividend. The company added it was still in talks with Mr Bernerd and his bidding consortium with a view to securing a more attractive offer for Chelsfield shareholders.Mr Bernerd owns about 12 per cent of Chelsfield and has the backing of investors representing about 30 per cent of the group’s share capital. Elliot Bernerd, the property tycoon, is holding talks with the independent directors of Chelsfield, the UK commercial property group which he chairs, over his plans for a revised takeover bid for the company. Mugabe is keen we give up altogether.” He added that the decree violated constitutional rights of ownershipMeanwhile, Mr Mugabe has ruled out the possibility of his country’s return to the Commonwealth, after withdrawing earlier this month..

However, this has never happened.Some equipment left on farms has already been vandalised or confiscated. Farmers who had not already moved equipment from their land had been barred from doing so.John Worsley-Worswick, vice-chairman of the Justice in Agriculture farmers’ representative body, said: “It’s suddenly a crime to have a piece of equipment you cannot use because you have been forced off your farm This is daylight robbery It is vindictive and intimidatory. Douri is accused of masterminding many attacks on foreign troops and their Iraqi collaborators, which have killed about 195 US servicemen since George Bush ended major combat operations in May.The documents suggest clearer links between Saddam and the continuing violence than had been suspected. The United Nations, the Vatican and many countries say Saddam must not be tried by a court that could sentence him to death..