Accident Exchange driven lower by profits warning in UK

Car rental firm Accident Exchange saw its shares tumble today after slower than expected growth and legal disputes forced the firm into its second profits warning this year.

The West Midlands firm, based in Coleshill, said pre-tax profits would be around £18m(€26.5m) – £5m (€7.5m) lower than the £23m (€33.8m) expected for the year to April 30 – prompting its shares to fall by more than 40%.