(MENAFN- ProactiveInvestors)Market underachiever Bagir Group (LON:BAGR) warned the second half of this year will be 'significantly worse' than the first half. The suit maker reported its pre-tax loss doubled to US$1.7mln in the first half of the year from US$900000 the year before. Meanwhile sales slipped to US$45.5mln from US$48mln as Bagir continues to struggle with the loss of its largest customer Marks & Spencer last year. This has impacted but the company said it is making good progress in broadening its client base. Bagir added that it will continue with the recovery plan to concentrate on higher value added products by improving efficiencies and reducing costs. However the firm said it expects things to get worse before they get better. The company said it 'expects the second half of the year to be more difficult than the first half due to competitive pressures and the deferral of sales planned for 2015 into 2016.' Shares have plummeted 93% since Bagir's float in April last year at 56p and lost 27.2% today to 4p. Keith Hamill chairman and fellow non-exec director George Adams have stepped down from the board with Tessa Laws taking over the role of chairman. All remaining non-executive directors have agreed to a 33% reduction in their fees from October 1.
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