News: Cardno slumps 25% on H1 profit guidance

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Shares in Cardno Limited (ASX:CDD) lost a quarter of their value after slashing its first half profit guidance. 

 

The infrastructure and environmental services consultancy expects to book an interim operating net profit after tax of between $27 million and $31 million. 

 

The anticipated result is significantly down from the company’s net profit of $43.1 million delivered the year before. 

 

CEO Michael Renshaw has blamed the downgrade on a number of factors including difficult conditions in Australia amid reduced investment in mining, oil and gas. 

 

Shares in Cardno plunged 24.95 per cent to close at $3.61 on Friday following the announcement.   

 

Cardno reported a net profit of $78.13 million in the full 2014 financial year.