Heywood to miss targets by a mile

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The warning left shares in Heywood Williams down 43/4p to 9p, putting it in the 90% Club - stocks that are now trading at just one tenth of their value 12 months ago.

The company said it had been hit by new housing build activity down by as much as 50% and home improvement expenditure down 15%.

Cutbacks have started at the firm, with 135 workers laid off.

"Given the continuing uncertainty in residential markets, the board believes forecasting the outcome for 2008 is very difficult," the company said. "Very difficult market conditions seem likely to deteriorate further in the second half. The board now expects the outcome for the full year to be significantly below current market expectations."

The City had expected £6 million.