Australian wine group Southcorp has frozen trading in its shares prompting a flurry of speculation that another profit downgrade is pending.
“The company is reviewing its financial forecast for the second half of this financial year particularly with trading conditions with the United Kingdom,” a formal statement to the Australian stock exchange said.
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Southcorp is still expected to announce its first half results on Tuesday morning. They have been projected to be a profit of A$115m, (US$69m).
Before Friday’s halt Southcorp shares had been marginally up at A$4.73,. Two previous profit downgrades were followed by the resignation of chief executive Keith Lambert.
Though speculation was concentrated on a third downgrade there was also talk the freeze might be ahead of a possible take-over or the appointment of a new CEO.
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