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November 18, 1993

AMSTRAD SHARES TAKE A TUMBLE AS OUTLOOK WORSENS

By CBR Staff Writer

Amstrad Plc shares took a horrible purler yesterday, plunging 10.25 pence to 43.5 after it warned that it is worried that sales in the current year won’t match last year’s level. The company saw tougher than expected October trading and a weak outlook for November and December, and suggested that analysts are being much too optimistic with their pre-tax forecasts for the year to June clustered around the UKP25m mark. October was particularly weak in the UK, where volumes and margins are under pressure. While the outturn for the Christmas season still remains unclear, the board is concerned that in the current financial year, sales and margins will not achieve last year’s levels, it said. The company is still looking for complementary acquisitions, which might be run as a separate division. Despite the tumble, the share price is still well ahead of the 30 pence a share at which founder and chairman Alan Sugar bid for the company.

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