McGrath issues another profit warning on poor sales volumes
Written on the 12 March 2018 by Ben Hall
Embattled property group McGrath Limited (ASX: MEA) has issued another profit warning, saying its full year guidance will be cut by half because of lower sales volumes.
The company says it expects underlying full-year earnings of between $5 million and $5.5 million, which is down significantly from its January forecast of between $10.6 million and $11.6 million announced in January.
"The impact of reduced sales volumes has affected the company more significantly than the prior forecast contemplated," says newly appointed McGrath CEO Geoff Lucas.
Business News Australia
Author: Ben Hall