Britain's Invensys plunged more than 50 per cent to a record low today after the engineer warned second-half earnings may slump.
The company - which makes controls and automation equipment for factories, offices and homes - said core operating profit could fall 25 per cent from the first half.
The warning came about a week after Invensys said it was sticking to its guidance on operating margins and had no plans to issue a statement.
Invensys shares plunged 53 per cent 19-3/4 pence in early afternoon trade. Shares originally rose when chief executive Mr Rick Haythornthwaite was brought in a year ago to help turn around the firm, which some feared could break its banking covenants.
Analysts said today the turnaround had most likely collapsed.
"This is a company that seems to permanently disappoint," said Mr Gary Parkinson, a markets analyst with Financial Spreads.
AFP