In an effort to comfort its anxious shareholders, chip designer Parthus today took the unusual step of responding to recent volatility in its share price by saying that its second quarter results remain on track.
In a trading statement, the company said that it 'does not currently foresee any material change in expectations over the short term and is unaware of any operational reason for the recent sharp decline in the company's share price'.
Shares in Parthus topped £4 last September, but have since slumped on the back of poor investor sentiment towards the technology sector.
The shares had recovered on the back of this afternoon's statement after hitting a new low of 32 pence sterling earlier today - reflecting the downturn in the chip sector. By the close of business, shares in the company were trading at nearly 48p sterling, a 13.25% increase.
