MORE than £20 million was wiped off the value of Clitheroe-based conservatory manufacturer Ultraframe after the company announced disappointing sales figures for the past year.
Ultraframe's share price dropped 23p in early trading to 225p, despite the company reporting a 2.4 per cent increase in pre-tax profits of £32 million.
Investors were unhappy that the company's turnover had fallen from £145 million to £139 million and that UK sales in the first two months of the current year were down by seven per cent.
"In the short term, the UK will remain challenging," said chief executive David Moore.
"Our strategic plans for the development of our North American business are on track and we expect growth in 2004 in this important market."
The company is pinning its hopes In North America where it expects to see an improving economic outlook in 2004, with progress in building the franchise network and plans to expand its own retail stores.
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