By Daniel Hunter
White goods appliance retailer AO World has seen its shares plummet after it issued a profit warning.
Share prices were down by 30% to 202.2p in early trading, following the announcement that it expects profits and sales would be "slightly lower" than expected for the full year.
The retailer floated on the stock exchange last year and admitted that it has been "difficult" to meet expectations on sales growth.
"It is now apparent that some of the revenue growth in the second half of 2014 and going into 2015 was due to extra publicity surrounding the company at the time," it said.
AO World shocked The City when it floated with a market capitalisation of £1.2bn despite profits. of less than £8m in 2013.
"We are confident of our ability to continue to deliver for our customers and to further drive the success of AO," added AO World chief executive John Roberts.