Machinery auctioneer GoIndustry said it expects its 2007 full-year profits to come in below market expectations.

Shares were off 7.8%, or 1p, to 11.8 pence. The company blamed a revenue shortfall due to a delay in three deals that have slipped into the new year.

Despite the disappointment it still expects full-year pretax profit before exceptional items and share-based payments to be more than double the previous year.

Management added that trading in the second half has been particularly strong in North America on a noticeable increase in the levels of insolvencies in the US.

GoIndustry said it is confident of significantly better results in 2008 and has a strong pipeline of business for the first quarter of this financial year.
The company also announced the appointment of Neville Davis as deputy chairman with effect from 7 January. Davis will assume the role of chairman when David Bailey retires at the company's 2008 AGM, GoIndustry said.