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Galliford Try said Tuesday expecting its annual profits to be 26% lower than London's expectations, dropping the shares of the British construction company by more than a fifth.
FTSE 250 has announced that it will report pre-tax earnings, after special items, for the year ended June 30, 30 to 40 million pounds lower than the consensus of badysts. The average forecast for annual profits is £ 156m, based on a consensus set by the company on April 15th.
Galliford Try recorded an outstanding profit before tax for the year ended June 30, 2018 of £ 188.7m.
The company's shares fell by 20% in early London transactions to £ 5.74.
The homebuilder plans to reduce the size of its construction business, an essential part of its overall business, as and when contract positions in this unit are evaluated, the group said. in a statement Tuesday.
Peel Hunt 's badysts said "to have taken into account a negative value for the construction sector given the uncertainty and increasing performance of the company", in a note published after the announcement. Tuesday announcement.
The group was very successful last year after the collapse of Carillion, with which it collaborates on projects such as the Aberdeen Bypbad in January. The following month, the project in East Scotland could cost him and his other partner, Balfour Beatty, an additional £ 40 million.
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