Struggling web and print supplies group Grafenia (LON:GRA) disappointed the market with its half-year trading update.
Having said last month it could meet full-year expectations if an improvement in trading accelerated, it has now flip-flopped, saying that October’s improved trading might have been false dawn and, if trading does not recover, full-year results are likely to be significantly below expectations.
“Given the sporadic trading pattern of the first half, coupled with early trading in the second half and future economic uncertainty, we cannot forecast transactional print volumes with a high degree of certainty. As we expand our Brand partner base, our aim is to grow more predictable revenues,” the company formerly known as printing.com said.
Shares shed 14% of their value at 7.5p. The shares have lost more than a third of their value this year.