The company said its chances of meeting full-year expectations depend on whether it can make a number of "high value" sales in a market it states is currently both fragile and unpredictable.
"The board notes that an outperformance versus its budget for the second half of the financial year would now be required to maintain full year expectations. The board considers it unlikely at this stage that our full year results will represent an improvement on our underlying results for 2013," said Chairman
"The results highlight the fickle market that we trade in: the US experienced very strong revenue growth in 2013, which has been followed by a slower six month period with little obvious explanation," said Daresbury.
First-half revenue fell to
The company said a significant proportion of its business is driven by the sale of a small number of very expensive pieces, which can either boost or hit its profit and revenue.
"Last year a number of high value pieces were sold in the first half of the year. Unfortunately this has not been matched in the first half of 2014. However, there are a number of such pieces being reviewed by our clients which we hope will convert to sales in the second half of the year," Daresbury added.
The company did not declare an interim dividend, having paid out a special dividend of
"We plan to launch a full online marketing campaign after the summer and expect the website to show an increased contribution to sales towards the end of the year," it said.
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- Americans Bet Big on Gambling Industry
- Exxon Gives Nod to Fracking Risks
- Petri Likely Broke House Ethics Rules
- California's Ban on Plastic Bags: What Now?
- Morgan: 'Can't Believe' Wal-Mart Blaming Him
- Wealth Gap Widens as Rich Spend More on Kids' Education
- Texas Sees Gains in Hispanic College Enrollment
- Lack of Sea Ice Brings 35,000 Walruses Ashore
- Can You Be Fired for Using Medical Marijuana?