BELEAGURED investors in East Lancashire's Stock Exchange-quoted companies began the new year as they finished the last -- losing yet again.

The 16 companies that make up the East Lancashire Index saw millions of pounds wiped off their value as share prices plummeted by more than nine per cent.

New boys Debt Free Direct of Chorley have had a chastening start to life as a quoted company with a 45 per cent drop in its share price to 22p to give it a clear lead on the losers' board.

Second was the embattled Silentnight group, with a 22 per cent fall to an all-time low of £1.01 per share. After a year of boardroom battles and the departure of chairman and chief executive, the Salterforth-based company began 2003 with a profits warning.

The company has promised a restructuring of its furniture division after continuing losses at Cornwell Parker and Ducal which it bought in 2000. Adding to its problems is a growing shortfall in its pension fund.

Clitheroe-based Ultraframe, facing up to life without its retired founder John Lancaster, told shareholders at its annual general meeting that sales were up by three per cent.

However, fears of its exposure to American markets at a time of possible war with Iraq, have conspired to push its share price below the £2 mark after a 15 per cent fall.

Inter Link Foods, of Blackburn, also suffered despite a sparkling set of half-year results which saw profits rise 11 per cent to £1.6million and the interim dividend jump 19 per cent to 1.67p. The company also announced the £8.4million acquisition of Soreen, Britain's leading malt loaf producer. Chief executive Alwin Thompson said the buy-out was company's biggest-ever deal and would be a major factor in its continued growth and development.

The City was not impressed and Inter Link's share price fell 15 per cent to £3.10.

Shareholders at Clayton-based carpet manufacturer Gaskell plc have a crunch day on Friday at an extraordinary general meeting which could decide the future of the ailing group. They will be asked to approve the £17million sale of its carpet tiles division to Low & Bonar or risk the group going into liquidation. The deal represents an eleventh-hour bid to clear its mounting debts. Finance director Richard Hopkin said the money would be used to clear the company's debts and to provide working capital and investment for Gaskell Carpets and Gaskell Textiles which together employ around 400 people in Rishton and Clayton-le-Moors.

Lancashire holidays giant MyTravel Blackburn-based Scapa were the only two risers.

OFFEX COMPANIES: Millbrook Scientific Instruments, of Blackburn, slipped back 1p to 5p per share. Berkeley Morgan and Daniel Thwaites stayed at 42p and £1.20 respectively.