Shares in Network Technology Plc plunged 27% to 21.5 pence yesterday after the West Sussex, UK-based manufacturer of network hardware and software said it had incurred a six-month net loss of 2.5m pounds ($4m). Chairman Klaus Bollmann said the company’s ability to continue as a growing concern depends on the support of its bankers and directors are negotiating to raise additional funds.
The company has high hopes for its data storage server but Bollmann now claims that delays in companies’ purchasing patterns due to Y2K fears were initially not factored into its forecast of an upturn in the second half of this year. Instead the benefits of its new product are now expected in the first half of 2000.
