Crispr Therapeutics shares tumble after significant earnings miss
Investing.com -- Shares of Severfield, a structural steel group, plummeted to a near 23-year low following the cancellation of its share-buyback program and a warning of a significant decrease in full-year profit.
The stocks were down to 26.20 pence, marking a 45% decrease today. The company’s stock has seen a 48% decline this year and a 43% fall over the past three months.
On Monday, Severfield announced that it anticipates an underlying pretax profit between 18 million pounds and 20 million pounds ($22.6 million and $25.2 million) for fiscal 2025. This is a significant drop from the 36.5 million pounds reported for the year ended March 30, 2024.
The company attributes the reduced profit guidance to a more challenging market with tighter pricing, which has persisted longer than anticipated.
Moreover, some projects have either been cancelled or postponed, including a substantial project that was scheduled to commence in January but has now been pushed back to fiscal 2026.
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