Seven Group plunges on outlook

Group tips fall of 40% in EBIT for current year amid mining, advertising slowdowns, after posting steep rise in FY net profit.

Seven Group Holdings (SVW) is tipping a fall in earnings of up to 40% in the current year as it warned on trading conditions across its industrial and media divisions, after posting a sharp rise in profit for the year to June.

At 1045 AEST, shares in the group fell 9.48% to $6.97, after touching an intra-day low of $6.85 against a benchmark fall of 0.25%.

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