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Grafenia hit by slow July sales warnings

July had been below budget and behind the same period last year said the web and print supplies group

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Sales have been slower than expected over the summer

Printing and graphics supplies specialist  Grafenia (LON:GRA) cautioned sales had been slower than expected following Brexit, sending its share price tumbling.

In June, the company had warned trading conditions were challenging and today said July had been below budget and behind the same period last year.

“Overall, whilst we remain cautious about the outlook, particularly with the uncertainty about the economic backdrop following the EU referendum, “ it said.

“It is difficult to forecast whether current short term economic uncertainty will continue into our busiest months in the second half and we therefore remain cautious on the outlook.”

More encouragingly, Grafenia said web studio franchise operation Nettl now had agreements with over 65 locations with a strong pipeline of potential customers both for it and printing.com, the print shop and software franchise.

Trade print channel, Marqetspace, is Grafenia’s other key brand.

Shares fell 19% to 8.75p.

Quick facts: Grafenia Plc

Price: 4.5 GBX

AIM:GRA
Market: AIM
Market Cap: £5.11 m
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