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.

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