Shares in the electronic components distributor collapsed 64p to 141.5p after the board warned next year's results would be 'materially below' market expectations. Sadly for investors, the news comes on the back of a warning in May. Although directors expect to hit revised forecasts for the year to September, they gave a downbeat outlook for the following year. Deputy chairman Brian Murdoch explained that 'we are expecting a recessionary environment which is reflected in current orders'. House broker ABN Amro cut profit forecasts for the year from £18m to £17.2m. More significantly, next year's estimates were trimmed from £13m to just £9m. Earlier in the year, the group revealed a strong performance for the six months to March, but warned that the US and European slowdown was already hitting trading. At 141.5p, the shares are trading just 1.5p above the 52-week low, compared to a 537p high.