Reverse Corp forecasts normal profits despite share drop

Reverse Corp forecasts normal profits despite share drop

Company says it has not kept information from the market regarding the sudden drop

Reverse Corp Limited (ASX: REF), the company behind the 1800-reverse collect call service, forecasted on Friday that its year-end profits would not be significantly lower than last year's despite a precipitous drop in share-price.

The company also pledged that it had not been keeping information from the market regarding the cause of the sudden decrease.

The company had been trading at around AUD$2.00 a share for most of May, but by May 29 the share price had dropped to $1.56.

This sudden decrease prompted the ASX to contact the company to enquire if the directors were aware of any information which might explain the decrease, and to request that any information the company was sitting on be released.

The ASX also asked the company to disclose whether the decrease in share price would be likely to cause a decrease of over 15 percent of the profits the company saw last year, to which Reverse Corp simply answered "No."

REF shares have showed signs of bouncing back - on Friday shares were trading at $1.685.

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