CDD 6.00% 26.5¢ cardno limited

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. 
 
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