Computer services group Fayrewood, in which Irish entrepreneur Mr Pierce Casey has a 15 per cent stake, has issued a profit warning for the year ending today.

A statement made to the London Stock Exchange yesterday cited weaker-than-expected second-half trading conditions as the reason for the warning. The statement said Fayrewood had been expecting second-half revenues to be "significantly stronger", than those of the half-year ending but this had not been borne out by events.

The firm expects, however, that second-half revenues will still be "materially above" those for the first half. Fayrewood chief executive Mr Paul Griffiths said the company was still "very profitable". The overall group is now valued at about £18 million sterling (€29 million) on the London Stock Exchange, down from last summer's £44 million.