Synergon publishes profit warning

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Synergon Nyrt said in an announcement published on the website of the Budapest Stock Exchange (BÉT) that its 2006 profit target was "in question" based on previous experience. The company also said it had started an internal audit and would make an announcement regarding preparations for the approval of its 2007 business plan, considering the progress of this audit, at a later date. After the publication of Synergon's first-half report, CEO Zoltán Radnóty said the company would stand by its profit target of Ft 300 million for 2006. He also said Synergon expected a 15% increased in consolidated revenue, up from 10% projected earlier, noting that H2 results were expected to be better than H1 results. Radnóty warned, however, that a possible write-off of Czech unit Infinity's goodwill could cause profits to fall under the target. Synergon had after-tax profit of Ft 502 million on revenue of Ft 19.6 billion in 2005. Synergon was without a board of directors during the summer months because of a struggle between its biggest owners. Appointments to the board were approved only in September, after several of the company' owners said they would vote together. (Mti-Eco)

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