Uncertainty hangs over Iona Technologies in the eyes of analysts, following the company's admission that turnover and profit in the second half of the year would be below previous forecasts. Worse still, no guidance was given for 2002.

Confirmation that the global slowdown in technology was hitting the Irish middleware firm overshadowed good second-quarter figures and saw Davy Stockbrokers rein back its "buy" recommendation on the stock. It has reduced its forecasts for sales and profits next year and trimmed its price target for the stock, which it now labels a "hold".