The firm said its ceramic tile division, the largest part of the business, had been hit by increased competition.
"Total sales in 2014 into ceramics are now expected to be lower than 2013, with average sales price being negatively impacted by an increased level of competition, and sales from new products only expected to begin to contribute in the latter part of the year,"
The Cambridge-based company also said it expected to see its operating profit margin fall six percentage points from the 30 per cent it achieved in 2013.
Addressing the change to expected revenues, Jefferies analyst
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