Troubled care homes operator Southern Cross Healthcare fell 10% on Monday after further reports about its dire financial state in the weekend papers. And as if things weren't bad enough already, it put out a profits warning on Tuesday morning.
The company said:
The full year profit outlook has come under further pressure, principally due to the additional disruption caused by the restructuring announcement; however, management is encouraged by the supportive stance being adopted by regulators, local authorities and staff during this period.
In an attempt to regain the initiative, perhaps, there has been a change at the top. Chairman Ray Miles has stepped down, with Christopher Fisher, currently a non-exec, taking over.
The shares have recovered a little this morning, rising just less than a penny to 10.5p - a rise of almost 9%.
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