UGL

Shares in UGL have tumbled 17% after the company announced that underlying net profit for the full year was likely to be just $90-100m, compared to guidance of $150-160m provided alongside the interim result in February. Management laid the blame squarely on the slowdown in the resources sector, with reduced capital investment and project delays hitting the company’s Engineering business, while cost-cutting led to contract reductions and cancellations in Operations and Maintenance. As a result, management has decided to end the Operations and Maintenance division's short life, which only began in July last year, and merge it back into...

Shares in UGL have tumbled 17% after the company announced that underlying net profit for the full year was likely to be just $90-100m, compared to guidance of $150-160m provided alongside the interim result in February.

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