FishWorks, the restaurant chain fronted by Mitch Tonks, the TV chef, fell to a record low after a surprise profit warning. Shares in the group, which also runs cookery schools and fishmongers, sank 12p to 36½p after management said that profits for the year to July will be just £750,000, against a market consensus of £2.1 million.
The loss of a concession in the Harvey Nichols department store was among the reasons cited for the warning.
Investors were angered that the management had given no indication of problems when presenting full-year results last month. “It appeared as if FishWorks had started to put right its past problems. However, this announcement is likely to remove a good degree of that improving sentiment towards the stock,” James Dawson, an analyst at Charles Stanley, said.
The software company Autonomy rose 14¾p after Dresdner Kleinwort started coverage with a “buy” rating. The German broker’s team set a 650p target price, saying that demand for data-sorting products remains buoyant and its existing customers can be upsold.
Northern Foods, the maker of Goodfella’s pizzas that was rumoured to be the subject of private equity interest last week, climbed 5p to 107½p after agreeing to sell four non-core units for £160 million.
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Mice Group slipped 5½p as otherwise in-line results from the marketing services company showed an unexpected jump in central costs. Evolution Securities, which cut Mice from “buy” to “sell”, said that it was worried that the group’s growing debts may force the sale of its UK unit or its zoo and aquarium business. Either move would be dilutive to earnings, it said.
Celtic rose 3¾p to 34p after the Scottish football club qualified for the second stage of the Champions League for the first time.