Shares in Ideal World lost two thirds of their value today after the teleshopping channel revealed sales in the six weeks to December 7 were 17% lower than in the same period of 2007.
In a statement the company said that while sales in the first nine days of December were broadly in line with last year, the November shortfall was unlikely to be made up. Consequently the Peterborough-based company is expected a loss on the year of £4 million.
Ideal World operates a total of three channels on cable, satellite and DTT. Last week Broadband TV News revealed the company was to reduce staffing levels by 15%.