B&O feeling the profits crunch

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That is what Bang & Olufsen, the Danish luxury electronics group, appears to be finding as the credit crunch and a slow pace of new product launches batters its finances.

Pre-tax profits in the year to 31 May crashed 71% to 154million kroner (£16.2million), and the company warns that it sees no growth until well into next year.

B& O fired its chief executive Torben Sorensen in January amid falling sales in its core markets of the UK, Germany and Denmark.

His successor, Kalle Nielsen, who has been in the job less than a month, said: "Since the middle of December, the company has experienced the market situation as challenging because of the economic slowdown across europe and the US."