Spt23 Apr 2013 09:56
Yesterday's RNS (trading update)
The anticipated slowdown in the market was more pronounced than expected during the first quarter 2013. All major regions saw a reduction in demand consistent with our customers' reduction in capital expenditure. Customers delayed projects as their plans have been slow to be released for the year, and certain large accounts have not repeated the high level of spending seen in the corresponding period in 2012. As a result revenue fell by $20.6 million to $96.8 million for the first quarter, with operating profit impacted by the loss of gross profit on this lower revenue.
The prospects for the second quarter are expected to achieve similar revenue to that of the same period last year.
The Interim Management Statement, which will include the first quarter results and further detail on outlook, will be issued on May 1st.