The profit warning comes as the company reports good progress in its energy efficiency business after focusing on growing its Minimise brand's client base. APC said it is currently in the final stages of negotiations for orders for the Minimise business with six new customers across a range of sectors which will help to reduce the business's reliance on any one customer early in the next financial year.
However, the short term reduction in shipments to APC's current largest customer in current trading, coupled with the fact that orders from new customers are being received "a little too late to be fulfilled entirely in the current financial year," is likely to mean that revenues and profits for the current financial year will be below market expectations, said the company.
APC also said that it has received a letter of intent to facilitate the start of the manufacture of LED lighting, which will be fitted into refrigeration units in around 500 stores operated by one of the
This letter of intent has an initial nominal value of
The company has also signed a distribution and licensing agreement with
Overall, APC said it is pleased with its progress to date and, including the positive impact that the broadening Minimise customer base is expected to have in the next financial year, that it views the future with confidence.
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