Kensington Shares Slide After Its Second Warning ; in Brief

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SUBPRIME mortgage lender Kensington Group issued yet another profits warnin g

today, sending its shares tumbling 23p to 60812p. The company, which lends to borrowers with patchy credit histories who cannot get traditional mortgages, said the outlook for profits this year was "uncertain" and added: "The board still believes that profits in later years are likely to be lower than current market estimates." The warning came less than three weeks after Kensington issued its last downgrade, which coincided with the sudden departure of chief executive John Maltby. Kensington also reiterated that it is in discussions with "a limited number of parties" over a possible takeover. The profits warning came amid growing fears for the subprime lending sector in Britain.

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Kensington Shares Slide After Its Second Warning ; in Brief

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