Shares in walkie-talkie maker Sepura plummeted as much as nine per cent this morning after announcing a loss-making six months of trading.
While shares have regained some ground, they are still trading over six per cent down and at a fraction of their price at the start of the year.
Read more: Sepura radios in record revenues
Group revenue flopped from €93m (£79m) to €43m, with adjusted earnings falling from €10.6m to a loss of €9.2m. Pre-tax losses totalled €62m, a far cry from the €6m of profit made over the same period last year.
Fresh from his appointment as interim chief exec at the end of last month, David Barrass remained positive:
We have responded proactively to the particularly challenging start to the year... We are also seeing positive initial results from our initiatives to reduce costs and improve cash generation, albeit with the expected short-term impact on revenues and profitability.
Barrass also stressed that the Cambridge-based company's order book was "strong". Sepura's order backlog was €86m compared to €57m at the same point last year.
Shareholders have been hammered during 2016, a year where the share price has been as high as 200p a share.
However, a series of profit warnings, an update that the company expects to breach banking covenants, a £65m equity raise and changes to board members have sent shares on a downward trajectory with several days of double-digit percentage falls.
Earlier this month Chinese company Hytera Communications made a reported £90m takeover attempt – an offer that valued the company's stock at 25p per share.