Accsys Technologies (AIM:AXS), the hardened wood specialist, slumped by a quarter as it warned conditions in the construction sector are turning down rapidly.
US and European distributors have seen significant volume declines year to date, with high levels of destocking and Accsys is seeing demand weaken as a result.
Cost-cutting measures are being introduced but with volumes and revenue for the full financial year 2024 now expected to be below current market expectations, underlying profits [EBITDA] will likely be significantly below expectations, said the statement.
Challenging trading conditions are expected to persist at least until the second half of the 2024 calendar year, Accsys added.
Shares fell 24% to 73.4p.