Jelf profit to miss expectations

Consultancy firm Jelf warned after the market close on Wednesday that full-year profits are expected to be below market forecasts.Revenues, however, are anticipated to be in line with market expectations. The group said it continues to produce strong operating cash flows and has used these to reduce liabilities and improve the net debt position of its balance sheet ahead of expectations. As at 31 August 2009, net debt stood at £33m, down from £37m at 31 March 2009.'The focus on reducing costs through rationalising structures and improving efficiencies continues and the directors believe that this will ensure that the group is better placed to return to growth for future years,' Jelf said.