Touchstar says will no longer meet FY expectations

Touchstar said it will no longer meet expectations for the financial year ending 31 December 2016. Profit before tax in the second half of 2016 is now expected to have been broadly break-even.

It said it had experienced a difficult end to the financial year. It noted the combined impact of deferral in certain orders into 2017 and having to provide for a significant bad debt at Touchstar Access Control.

"Touchstar made a great deal of progress during 2016 so it is naturally very disappointing to report this news. The Company expects to release financial results for the year ending 31 December 2016 around mid-April," it said.

"Whilst it is very early to comment on the prospects for the current year, at this stage the Board remains comfortable with the current market expectations for 2017."