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Ensor cautious after first quarter gloom

Products firm Ensor has issued a profits warning as market conditions continue to worsen.

The firm said that the construction industry has been badly affected in the last three months “to a greater degree than anticipated”.

Ensor reported strong end of year results in March, with a pre-tax profit increase of 19 per cent. But the first quarter of its new financial has left the firm feeling less confident about the year ahead.

In a trading update today, the firm said: “We now believe that the downturn in our markets will be harsher and will last for longer than we expected three months ago.

“We have seen a reduction in year on year sales to date and, with margins under pressure, expect our half year results to be materially reduced from last year’s level.”

Ensor said it would focus its attention on sales and margins as it continues to look ‘very critically’ at the cost base of the group.