Engineering group IMI issued a mixed first half trading statement and failed to provide an update on the Polypipe disposal.
The Birmingham-based firm, which makes drinks dispensing equipment and pipes and fittings for the medical and automotive industries, said it expects first-half pretax profit of around £80 million, up from £74.4 million a year earlier.
The US and Asia were still reasonably robust but the UK and, in particular, mainland Europe markets offering little encouragement.
Chief executive Martin Lamb said: "Volumes are perhaps a little lighter than we anticipated, with a slowing environment in both continental Europe and the UK impacting on certain businesses.
"As to the prospects for the balance of the year, the relatively poor and weakened climate in continental Europe is naturally a concern and we are focused, wherever possible, on mitigating this impact through a number of specific and targeted initiatives."
In response, analysts Merrill Lynch said that overall, there were no surprises in the update and IMI continued to show solid execution in virtually all its markets, although growth appeared to be slowing in some.
Unfortunately, however, there was no major news on the Polypipe disposal noted Merrill, which is the major stock price driver.
Earlier this month IMI said it was close to selling the £300 million building materials subsidiary, having whittled down the list of bidders to two private equity firms.
Electra Partners Europe and American group Castle Harlan are battling it out to buy the division, which makes pipes and garden furniture.
The subsidiary had profits last year of about £28 million on sales of £380 million and its disposal would eliminate group debt. IMI said they would be publishing an update on these negotiations.
The firm's interim results are due to be published on September 5.