Shares in Spector Photo Group NV, a Belgian photo finisher, fell the most in more than a year after the company reported a 4.4 percent drop in 2006 revenue.
The shares fell 11 cents, or 8.5 percent, to 1.19 euros, extending their decline to a third day and limiting this year's gain to 25 percent.
Spector yesterday said sales last year fell to 339.2 million euros ($440.8 million) from 354.8 million euros in 2005 as higher orders for digital photo prints failed to offset declining demand for analog prints. Sales at the company's imaging unit declined 19 percent.
Shares in Spector had risen as much as 48 percent in intraday trading on Feb. 5 and posted their biggest one-day percentage gain in more than decade that day amid speculation about the company's outlook.
``Due to the focus on cost cutting in 2006, revenues did worse than expected, illustrating the still high vulnerability of the business model and the major challenges ahead in 2007,'' Dirk Saelens, an analyst at KBC Securities in Brussels, said in a note to clients today. He cut the stock to ``sell'' from ``reduce.''
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