Supplier Bagir Group has said it expects to make a half-year loss of $2m (£1.17m) for the six months to June 30, after a challenging period including an “unexpected reduction” in orders from Marks & Spencer.
The business, which also supplies Arcadia, is expecting to show revenue of $48m (£28m), and EBITDA of $1.6m (£940,000).
EBITDA and loss before tax exclude IPO costs of $300,000 (£175,000), which are to be charged against earnings. Net debt is approximately $9m (£5.3m).
Full-year expectations are now at the lower end of the range predicted back in May. Revenues for the year to December 31 are expected to be between $100m and $104m (£58m and £60m), while EBITDA should come in at between $4m and $6m (£2.3m and £3.5m).
Half-year results will be published on or around 11 September 2014.
M&S unexpectedly cut its orders in May, leading Bagir to issue a profit warning just one month after its London stock market debut.
Prior to this, Bagir had predicted revenues $15m (£9m) higher.