Sussex-based nuts and bolts maker Trifast today warned further job cuts were likely after poor sales in the last two months.
Shares in the group dived 25 per cent as it said "flatter than originally anticipated" sales in the US and Europe would hit profits.
Trifast, based in Uckfield, now expects profits in the second half of its financial year to be half the £1.3 million seen at the half-year.
Jim Barker, named chief executive designate today, said: "What we are seeing is a lot of customers preparing for an upturn but it's not actually coming."
Mr Barker will replace current boss Malcolm Diamond next March and said it was likely more jobs would go in the coming months after a business review.
Trifast, which supplies components to electrical and telecom firms, recently cut 90 jobs in Europe, Asia and the US, taking its global workforce to 1,000.
It has four UK distribution centres at Uckfield, West Bromwich, Hamilton in Scotland and Belfast.
It also has operations in the US and Asia.
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