The board of the management and consultancy group issued a profits warning, conceding that continuing losses in its internet businesses would result in a further loss for the second half. Following a strategic review, the board has decided to close down SyncMediaCom, the main loss-making internet business in Sweden, and Inovit in the UK. Beaufort's remaining internet businesses have been reorganised and integrated more tightly into the group structure. Beaufort hinted at problems back in December when it posted losses of £819,000 (profit £262,000) on sales lifted to £3m (£2.4m) at the interim stage. At that time, the internet businesses were absorbing large amounts of cash and generating modest losses. The only upbeat message in the trading statement was news that the consultancy businesses, which include Morgan & Partners and Beaufort Sports, continue to 'perform well'.