Kitchen equipment maker Enodis showed it had plunged into the red today as the group warned of a possible further downturn in business in the months ahead.
Tumbling sales in North America, sluggish markets in Europe and a £100 million sterling write-down on an acquisition in the US all left their mark on the company.
Pre-tax profits of £84 million last year were wiped out as Enodis reported a pre-tax loss of £109.9 million for the 12 months to September 29th.
The London-based firm, which changed its name from Berisford last year, said the results reflected the challenging market conditions.
Sales of food service equipment to caterers in North America, its key market, fell by 10 per cent while business with retailers dropped to 30 per cent below last year.
Total group turnover edged up by £10 million to £1.81 billion.
Today's figures follow a wave of warnings from the company, the scrapping of the final dividend, and a string of job cuts on both sides of the Atlantic.
More than 900 jobs have been cut so far this year taking Enodis' headcount to 8,000 and 100 more could go in the US as the group looks to save more cash.
PA