By John Oates, 10 June 1999 13:11
NEWS Storage distributor Ideal Hardware has seen its share price halved today in the wake of a statement to the London Stock Exchange warning of redundancies and sharply falling profits. Ideal trades on the Stock Exchange as Inter-X - it closed last night at 435p a share but was trading at 12.30 today at 237.5p. The statement said the company had suffered "a material decline in margins and profitability since the latter part of April". As a result the operational board has been "disbanded" and Ian French has been appointed chief executive, reporting directly to James Wickes. The statement continues by warning of redundancies - expected to cost the company £700,000 this financial year. But the statement claims the changes will result in annual savings of £2m. One of Ideal's three co-founders, Kevin Harper, has resigned from the company with immediate effect.
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