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CPI shares slump despite forecast swing to profit

CPI shares slump despite forecast swing to profit

Shares in printing materials provider CPI Group (ASX:CPI) have fallen nearly 14% today despite the company's revelation that it expects to have swung to a $1 million FY10 profit.

The company today revealed that its underlying editda likely grew to $7.6 million from $7.3 million the year before, and recurring costs were 14% lower than in FY09.

CPI said that despite ongoing difficult trading conditions it was confident it could recover the position lost over the last two years.

But sceptical investors have today driven CPI's share price down 13.8% to $0.250.

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