Shares in engineering group Unidare fell 9% to two euros this morning after the company warned that the US economic slowdown would hit this year's profits.
Unidare now estimates first half pre-tax profits of 1.5 million euros, compared with five million euros in the same period last year.
The company says this is largely due to its cost base in the US, which is geared to handle stronger volume growth than it is currently experiencing.
Chairman Jack Hayes told shareholders at today's AGM that economic uncertainty had led many customers of its US businesses Nasco and ORS to reduce or delay their purchasing. Nasco in particular had been hit by falling demand in its welding markets, he said.
Mr Hayes also said disruption and costs arising from the re-location of Eland in Britain had been greater than expected.
