Computer services firm CMG said it plans to cut 470 jobs after shares fell as much as 26 per cent in poor market conditions.
The company said that, with second-half revenues set to fall as market conditions worsen for computer services, three per cent of its employees faced the axe.
CMG said that customers in the finance, transport and logistics sectors had cancelled or delayed orders causing revenue losses of about five per cent. But the company claims it will still break even before job cut related charges of about £6.5m.
Around 350 employees will be axed in the UK and Ireland, and a further 120 at other offices in its wireless division.
CMG's shares fell about 74p to 210p, knocking £454m off its market value.
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