IWP faces €16m penalty on debt commitment

IWP plc faces a €16 million penalty if it fails to meet its debt repayment commitments.

Due to difficult trading conditions in Britain the company will not meet profit forecasts for 2006.

Shares in IWP, a personal care products provider, fell by 33% yesterday, from 12p to 8p, after the company issued the fresh profit warning and alerted investors to the possibility of the penalty payments at the company where profits are expected to be close to €2m for 2005, from sales of €207m.