Future Integrated Telephony Plc, the telephone systems installation company which floated on London’s Alternative Investment Market back in November, has issued a profits warning which decimated the company’s share price. The company is due to report full year results to 30th May in August, but warned in advance that losses could be as high as 600,000 pounds, blaming growing pains as the culprit. Managing Director Kevin Clarke insisted however that the company would be in profit by the end of the current financial year. Shares reached a post float premium of 123.5 pence on their opening day, and have since climbed to 140.5 pence, but Monday’s bad news sent them crashing to just 85.5 pence. The tumble effectively wipes 6m pounds off the company’s value.
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