Drop in profits for Albemarle & Bond

<p>Albemarle & Bond has confirmed a big drop in profits.</p>

Albemarle & Bond has blamed the falling value of gold for a drop in the firm's profits.

The company, which is currently up for sale, announced that profits fell to £4.9 million in the year to June 30th from the previous figure of £21.4 million.

Despite this, the share price of the company has bounced back during trading today (December 9th) and by 11:53 GMT was over ten per cent up on the start of the session.

The firm's stocks have been plummeting of late as bad news regularly struck it. Directors of Albemarle & Bond recently confirmed its problems have led to them considering a sale.

Gold prices are down 27 per cent since March and Albemarle & Bond has even resorted to selling off its own gold in a bid to boost the financial situation of the company.

Shares in Albemarle & Bond tumbled by more than 20 per cent on December 3rd after the directors confirmed the company is now up for sale.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.