Umbro slashes float price by 25%

Umbro, which supplies kit to the Ireland soccer team, said tough markets had led it to slash its flotation price by over 25%.

The company hoped to gain a value of more than stg£200 million (€300m) from listing on the London Stock Exchange, but this was scaled back to stg£144.5m.

Conditional dealings began yesterday at 100p less than the 150p to 190p price range previously indicated by Umbro and its advisors. Demand from investors nudged the share price higher to 109.5p ahead of full unconditional trading to begin next Thursday.