Kingsbridge hit by investor worries

KINGSBRIDGE Holdings, a financial adviser to Britain's football and cricket stars, warned that its profit would be slashed this year by the impact of falling stock markets on investor confidence.

The shares crashed 14p to 11p after chief executive Martin Greenwood said business from Kingsbridge's non-sports-related clients had plunged as investors decided against renewing holdings in investment funds. The market uncertainty also caused a delay in significant capital investments on behalf of clients.

The difficulties included the failure to complete the investment in a property scheme as the result of delays in acquiring a suitable property.

Greenwood said Kingsbridge was also being hit by a shortage of financial advisers. He blamed this on the uncertainty being generated by the imminent release of the Sandler Report on the savings industry and changes to rules governing financial advisers.

But he said profits from advising sports stars, such as England footballer Rio Ferdinand, and high net-worth individuals had not been damaged by the poor stock market. Results from this division were in line with expectations.