LONDON (ShareCast) - Heating provider Inditherm saw shares plunge 21% on Thursday after it reported a significant increase in full-year losses due to project delays in the NHS.
Revenues fell 10% to £1.8m in 2014, while losses before tax widened to £356,000 from £99,000 in 2013.

The company blamed "slow decision making" in projects with the NHS. The delays resulted in smaller orders for its operating theatre sector and reduced sales of neonatal products due to pressures on capital budgets.

Medical revenues fell by 9%, while industrial revenue dropped by 22% due to the elimination of industrial process activities and the need to concentrate in its core medical division, the group said.

Chairman Mark Abrahams said: "We expect to see sales growth in 2015, although it is likely that the uneven order pattern will continue.

"We anticipate that the highest growth potential will come from some recovery of lost momentum in the UK and possibly some additional revenues from the USA, both markets which have produced higher than average margins."

Shares finished the session at 2.45p, down from Wednesday's close of 3.10p.

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