Partco profits hit the brakes

PARTCO GROUP shares slumped 16 per cent yesterday after the UK's largest vehicle parts distributor warned that profits for the first six months of the current year would be below market expectations.

The shares fell 40p to close at 196.5p. The company, which owns 254 vehicle parts distributing companies in the UK, said that the mild winter had led to a decrease in demand for brakes and radiators. A decrease in overall demand for commercial vehicle parts and services was also behind the fall in sales.