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(Reuters) – UK group Mears Group Plc shares fell by more than 15% on Tuesday after the company announced pre-tax profits for the full year that had missed estimates and warned that revenue growth could slow down.
Mears said it would reallocate capital to areas of business generating financial returns or using them to reduce the level of debt.
The company said its decision to "reposition" the housing development business would result in some reduction in the expected revenue growth rate of this business in 2019.
Analysts in Liberum have reduced by 19% the pre-tax profit estimate for their 2019 fiscal year.
Noor Zainab Hussain's report to Bengaluru; Edited by Saumyadeb Chakrabarty
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