Compared to the same period last year, unadjusted group gross profit declined by around 34% year-on-year to £37.6m (2008: £56.9m.

UK gross profit declined 46% and non-UK gross profit declined by 29% on a constant currency basis. 

Chief executive, Russell Clements, says: “The third quarter of 2009 saw the continuation of challenging trading conditions and we are certainly not yet in a position to call a turning point in the market, particularly given that our non-UK business continued to slow during the period.  

“Although we remain committed to ensuring that we remain fit for purpose in the short term, we also continue to manage our business with an eye to the inevitable recovery, whenever that materialises.”