Shares of specialist aluminium and steel products processor Apollo Metals fell following interims revealing lower sales and increased losses in Continental Europe.
UK sales and profits were both up, but profits for the group grew only 5% at £1.9m on sales down 2.4% at £35.5m.
`A little disappointing,’ said Geoff Douglas at broker BZW, who has clipped £250,000 off his earlier forecast for the full year to September down to £4.3m (£3.81m).
But Douglas expected a better second half and, encouraged by the company’s report of new contracts in Europe and Australia, has lifted his 1997-98 forecast by £100,000 to £5.5m. He believes that Europe, which lost £355,000 this first half, will be out of the red next year.