Turning away from the macro economic situation, shares in AIM listed technology firm Sandvine have nosedived 15% after the company admitted it will miss its targets.
The business, based in Ontario, Canada but listed on London's junior stock market, said revenues are expected to be between $18m and $18.5m for the three months to the end of May, down on the $22.1m analysts had predicted.
The company makes broadband equipment, software for peer-to-peer programmes, along with spam filters and the like. It boasts big name customers including Spanish telecom company Telefonica SA and US cable TV provider Comcast.
Bosses blamed the expected poor figures on its failure to complete renegotiations for a global contract with a multinational customer, although they refused to reveal the customer.
CEO Dave Caputo said: "Second quarter revenues were below our expectations as certain large purchase decisions continue to be pushed out."
Shares were down 14p, 15.5%, at 77p.
