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COMMENT
Profit warnings are on the decline. In 2002, on no less than 71 occasions did a FTSE 350 share fall 20% or more in a day. Last year, the total thankfully reduced to 17. And for 2004, the number has fallen again -- to nine. (Let's hope the profit warning count for 2005 reduces further!) In descending order then, here are the FTSE 350's one-day nightmares of 2004. Punters of a nervous disposition should look away now. Jardine Lloyd Thompson (LSE: JLT) -- down 20.4%, 26 November Previously seen as somewhat of a reliable performer within the insurance sector, Jardine Lloyd Thompson stunned investors when it owned up to difficult trading within its 'Risk Solutions' division. The news was compounded by the departure of boss and long-time board member Steve McGill. Thus (LSE THUS) -- down 23.5%, 24 September Details of a squeeze on margins and 'predatory pricing for corporate accounts' by rivals prompted the telecom company to admit first-half EBITDA would decline from the level reported last year. Talk of four consecutive quarters of positive cash flow failed to impress the now rather jaded shareholder base. Jarvis (LSE: JRVS) -- down 24.3%, 27 January This year was one to forget for Jarvis shareholders. It started badly when a story in the Financial Times highlighted contract delays, disgruntled customers and unpaid sub-contractors. A statement the next day did little to lift the worries, wiping another 11% off the company's value. A catalogue of other calamities caused Jarvis to lose over 90% of its value this year. EasyJet (LSE: EZJ) -- down 25.1%, 5 May The budget airline experienced a turbulent time in 2004. Half-year results warned of 'continued competitive pressure' and a 'weaker-than-expected Easter', as well as disappointing passenger numbers for May. In June, Easyjet shares recorded a further 19% one-day tumble after warning of the impact of higher fuel prices. Compass (LSE: CPG) -- down 25.2%, 9 September Fans of the catering group felt queasy after an update on school dinners this year. The shares headed south following a confession about contracts with local education authorities that were failing to deliver the 'anticipated margins'. News of poor trading in Europe and the financial difficulties of a supplier were thrown in for good measure. Compass is the only FTSE 100 share on this list in 2004. Egg (LSE: EGG) -- down 27.9%, 3 August Not a profit warning as such, but an alert certain parties didn't think the online bank was worth as much as Prudential (LSE: PRU) did. Shareholders scrambled for the exit when the Pru decided to keep its near-80% stake and bask in the operation's 'significant potential to grow in value'. HIT Entertainment (LSE: HTE) -- down 28.3%, 17 June Wal-Mart (NYSE: WMT) upset the Bob the Builder company when it decided to cut the amount of shelf space dedicated to children's toys. But even Bob couldn't fix the 2004 earnings damage following the pronouncement, with HIT shareholders told to expect profits 15-20% below their earlier expectations. Psion (LSE: PON) -- down 31.1%, 9 February Psion's entry was not so much a profit warning, but a balance sheet warning. The tech group's mishap followed the sale of its stake in Symbian, a developer of software for mobile phones, to Nokia for £136m. The disposal angered an army of private investors, most of whom expected much more from the Symbian investment. Colt Telecom (LSE: CTM) -- down 34.0%, 1 July 'Tougher-than-expected trading conditions' and a 'slower-than-expected uptake of data products' caused Colt to record the year's worst one-day FTSE 350 performance. Similar to Thus, the telecom business warned of thinning margins and EBITDA levels deteriorating on those achieved in 2003. More: Maynard owns shares in Nokia.