Stordata Solutions Plc, the UK information Technology Group, last week parted company with its managing director, issued a profits warning and then yesterday announced plans for a major acquisition. The shares promptly crashed 20% to 3 pence on the news, continuing a roller-coaster ride downwards from a high point of over 30 pence four years ago. Current problems center on its Primary Storage subsidiary, which distributes storage products to resellers, which has been hit by falling prices. Managing director Martin Southern, who also headed Primary Storage, left the company last week. Primary Network Products, the network services company acquired from Fujitsu ICL Ltd last year, is trading at budgeted levels and directors say they are at an advanced stage of discussions to acquire a substantial network services company.
