Shares in outsourcing specialist Kier have fallen following a profits warning announcement.
The company said it expected its operating profit to be around £129m for the first half of 2019, down from the £169m expected.
Share prices bottomed out at 150.7p this morning following the announcement – Kier’s lowest in decades.
The £40m hit has been put down to restructuring costs and lower than expected revenue growth.
Separately, Kier’s biggest investor, Woodford Investment Management, has suspended its largest fund after Kent CC attempted to withdraw its £250m investment.
Kier holds public sector contracts worth an estimated at £1bn in building, highways, maintenance and waste collection.
This story first appeared on our sister site The MJ.
