WHEN the going gets tough it's sound psychological strategy to be braced for disaster for, when the dreaded event arrives, the consequences seem a degree or two less awful than those anticipated. The distribution, manufacturing and shipping enterprise Jones Group is clearly a believer in battening down the hatches and sending out storm alerts.

This week the group produced its second pessimistic profit warning to shareholders in four months, advising that trading results for 1995 will be well below expectations. Since the first blow of the hooter last October, trading conditions are said to have deteriorated still further.

Jones is being buffeted on two fronts. Radiator sales are being adversely affected by weak demand in the British construction market and, business is down in the oil distribution side due to the mild summer weather.

The chief executive, Pat Nevia, says that restructuring is underway to slim down the businesses and to product supply in balance with demand. Analysts now expect annual profits of less that £500,000, the lowest level since the group went public 23 years ago. At least shareholders can't complain they weren't warned~!