Bath and bathroom accessories manufacturer Airbath rebounded from yesterday's near-50 per cent share price collapse this morning, rising 1.25p to 5p as management blamed the slump on the actions of a solitary investor. Elliott Davis reports.

In a brief statement issued today, Aim-listed Airbath said it had become aware that one of its institutional backers (rumoured to be Edinburgh Fund Managers) had offloaded around 1.5 million shares yesterday 'at well below the quoted price'. The institution is believed to have sold its stake at just 2p a share, some 5.25p below Airbath's mid price immediately prior to the trade going through. However Airbath recovered some ground today as management explained that, this one trade aside, it was 'not aware of any other matters that could have led to this price movement'. Airbath, which is due to publish interim figures on Thursday 19 December, is expected – by house broker Brown Shipley – to report a full-year profit of around £1 million on £16.2 million of sales. Prospective earnings of 2p put it on a forward p/e of only 2.5.

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