Management Consulting Group Plc (MMC.L) Monday said it has materially reduced its profit expectations for full-year 2014, citing weak order levels in the past two months and project delays in North America. The shares fell more than 22 percent in the morning trade.
However, the professional services group said its medium term outlook remains positive.
Nick Stagg, chief executive of the company stated, “Recent order input in Alexander Proudfoot has been disappointing and as a result we have significantly reduced our performance expectations for the Group for the year as a whole.”
Alexander Proudfoot business is expected to deliver an operating loss for 2014. Second-half revenues for the segment are expected to be close to first half.
The company also lowered its annual profit and revenue guidance for the Kurt Salmon segment, due to orders and activity levels in France falling short of its expectations and recent North America projects being delayed.
According to the firm, Kurt Salmon performed well in the first half, and underlying trends in the business remain encouraging.
MMC.L fell 22.16 percent to trade at 19.85 pence.
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by RTT Staff Writer
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