Ideal Shopping Direct warned on Wednesday it would lose £4m ($6m) this year as it appointed KPMG to review its accounting processes, sending its shares plunging.

The TV shopping company issued its second profit warning in five weeks, saying sales in the six weeks to December 7 were 17 per cent below the previous year. It revised its November prediction for a “small loss” for the year to December 28 to a £4m loss before charges.