12 November 1998: British specialist glassmaker Darby Group Plc warned that its pre-tax profits in the second half would be substantially below year-ago levels due to reduced demand for its products.
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12 November 1998: British specialist glassmaker Darby Group Plc warned that its pre-tax profits in the second half would be substantially below year-ago levels due to reduced demand for its products. Darby“s shares fell nearly 46%, dropping 41.5p to 49p immediately after the profit warning to rank as the top percentage loser on the London Stock Exchange. “During the last six months there has been significant recessionary pressure experienced through some of its UK branches,” the company said in a statement. “This has resulted in a subsequent decrease in demand overall, and there has been no indication of the usual seasonal uplift in the September/October sales in some parts of the country,” it added. Darby said it has taken rationalisation and cost cutting measures to counteract the drop in demand. It did not give further details. “Although the company has been impacted by lower volumes, it has maintained its UK market share, and the board is confident that their actions in focusing on profitable market opportunities will bear fruit when economic confidence throughout the UK returns,” Darby said.