By Aled Herbert, 18 September 2001 08:15
NEWS CRM software and services company Cedar saw 58 per cent wiped off its value yesterday after it warned on profits. The company said that it would fall short of analysts' expectations because of lengthening sales cycles brought on by the economic downturn. Cedar shares closed down 109p at 77p, reducing its market capitalisation to £157m, despite predictions that it will experience substantial growth over last year's figures. The company's share price peaked at £14.74 in March 2000. Cedar had previously predicted sales of £147.8m for the year, but yesterday said the figure could fall below £130m.
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