Shares in radiators and plastics group Barlo have fallen heavily after chief executive Dr Tony Mullins warned that an economic slowdown in Europe could slow Barlo's profit growth.

Although turnover in the shares was low, they still fell 11 cents to €0.85, their lowest level this year.

Speaking after the publication of Barlo's results for the year to the end of March, Dr Mullins warned: "The group will be impacted by any slowdown in continental Europe and the ability to repeat the very high profit growth of recent years will be affected by any sustained slowdown."

He said the fall-off in demand that first became evident in the final quarter of last year has continued into this year.