Hi-Tec gives profit warning

Hi-Tec gives profit warning

Hi-Tec, the sports shoe company, blamed a slack retail climate for falling profits in the second half of 1994. Analysts had expected it to announce pre-tax profits of £2m on a turnover of about £120m for the year to January. Yesterday, Hi-Tec, which reported interim profits of £1m in September, announced that trading in the second half of 1994 would generate only a modest profit.Shares in Hi-Tec, which was floated by its founder and chairman, Franklin Van Wezel, have never recovered since they collapsed from a high of 207p in May 1992. Yesterday they closed down 6p at 29p.