Bathroom fittings manufacturer Samuel Heath & Sons said conditions were “particularly tough” as it posted a 4.9 per cent fall in sales.
Birmingham-based Samuel Heath (HSM) saw revenue fall to £4.7 million in the half-year to September 30, compared to £4.9 million the in the same period last year.
The performance meant the firm slipped into a small operating profit, while pre-tax profits fell from £222,000 in the first half of last year to just £11,000.
Chairman Sam Heath said: “It is no exaggeration to say that the financial world is in turmoil, which is well documented elsewhere. This situation is not encouraging our type of customer to spend money.
“We, too, must therefore be extremely cautious. There has been no improvement in trading over the last two months. It is going to be very difficult to improve on the performance of the first half of the year. In fact it could be a lot worse.”
