It has not been a happy start to the New Year for the integrated website architect. A profits warning, highlighting the deferral of contracts in the US as well as in the UK, contrived to send the share price spinning down 57% to 80p. Problems stemmed from a delayed autumn contract in the US. At the time, the directors believed that UK trading would compensate for the shortfall, but this has not happened. And there is no telling whether the contract will be honoured at all, given the current lack of confidence in the US economy. To compound the problem, contract negotiations in the UK at the end of 2000 have not progressed into firm orders, and again the directors cannot say whether these will be successful.