€2.3m wiped off IWP shares after closure shock

MANAGEMENT at IWP International is to close the company’s headquarters in Dublin city centre, relocating the operation to Britain in a cost cutting move resulting in once off expenditure of €6 million.

Shares in IWP fell by 9.09% following the news which took the market by surprise resulting in €2.3m being wiped off the value of the company.

In a brief statement issued by chief executive Jim Murphy the company said that due to difficult trading conditions in the post-Christmas period, particularly in the British market, earnings for the year ended 31 March 2005, while ahead of last year on a continuing basis are likely to be below market expectations.