11th Oct 2018 09:01
LONDON (Alliance News) - Shares in Keller plunged Thursday after it warned its Asia-Pacific division will post a loss, from an expected "small" profit.
The geotechnical specialist's shares were down 29% Thursday morning at 682.60 pence each, the worst performer in the FTSE 250 index.
Keller said as a "consequence of the deteriorating southeast Asian market conditions", in particular Malaysia, the company expects its Asia-Pacific division to post a pretax loss of GBP12 million to GBP15 million for the year ending December.
Keller had been expecting the division to post a "small" profit. The division posted a GBP16.5 million operating loss in 2017.
The FTSE 250-listed company said it is undertaking a strategic review of its southeast Asian and Waterway businesses, due to recent changes in management, and will update the market in "due course" on the outcome.
The management changes, in part, led to Keller's "reassessment" to a loss from a profit for the year.
Keller stated "all other aspects" of the company remain in line with management expectations.
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