Dublin-listed mobile group Getmobile Europe has warned that its results for this year are likely to be lower than expected, based on the current rate of contract sales.
At its AGM in May, the company told shareholders that its performance in the first quarter was broadly in line with expectations in a difficult market. But today Getmobile said it had since become clear that conditions were more difficult than it had expected.
The company said the level of sales of mobile phone contracts in Germany had remained constant, but competition from cheaper SIM card only offers was reducing demand for its contracts and making it more difficult to acquire new business.
Getmobile says its own brand internet and television channels had performed in line with expectations, but another television shopping channel had returned 'significantly lower than budgeted sales'.
The company says it is concentrating on 'reinvigorating' its product mix, but warned that this may take some time to have an impact.
Shares in the company tumbled by 22 cent to 11 cent in Dublin this evening - a fall of almost 67%.
