Following the suspension of its shares at 56 pence just over a week ago (CI No 1,552), Logitek Plc has issued a profits warning: it expects interim profits to have fallen by over 60% to UKP500,000, while year end profits will fall short of the UKP3.8m reported a year ago; company chairman Jim Pickup is blaming this shortfall on the Altos distributor Microtex, which was acquired from the rump of MBS Plc (CI No 1,304), and on the corporate sales side of CSM Systems, which has now been sold to ComputerGroup Plc (CI No 1,489); a rationalisation programme has been undertaken in the rest of CSM and in Microtex, further details will be revealed along with the aforementioned interims; shares started trading again yesterday, dropping to a low of 32p but finishing down 16p at 40 pence.
