James Cropper, a specialist paper and materials group, lost over 20% on its share price after announcing that full-year trading results will be below market expectations.
The reduction comes following a fall in pre-tax profit for the half year to 1 October from £1.7m to £1.1m on a like-for-like basis, equalling a fall in diluted earnings per share from 14.8p to 11.6p.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"However, as previously reported, the growing concerns of customers in the US relating to resurgent recessionary pressures and Federal austerity measures have been felt in our order book. It must therefore be anticipated that profits in the full year will be significantly lower than in the previous year."
Cash at the end of the period fell from £4.4m to £0.17m.
The share price dropped 22.22% to 154p by 15:27.
NR
-
Will UK inflation rise ahead of BoE meeting?August’s inflation report will be published at 7am on Wednesday, 17 September, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
