galliford try

Galliford Try shares plunged on Tuesday after the company issued a profit warning for the full-year.

The construction company also announced it was conducting a ‘strategic review’ into its business to remedy falling profits.

As part of the review, the company said it will seek to reduce the size of its construction business.

Instead it said it will focus upon ‘key strengths in markets and sectors with sustainable prospects for profitability and growth’.

Galliford Try said that it now expects profits to be £30-£40 million lower than previously expected.

Galliford Try is a constituent of the FTSE 250 Index on the London Stock Exchange.

Some of its biggest projects have included the restoration of the London St.Pancras Renaissance hotel, the centre court of Wimbledon, as well as the recently completed Aberdeen Western Peripheral Route.

The completion of the Aberdeen Western Peripheral Route was delayed due to weather issues and the collapse of Carillion.

Both Galliford Try and Balfour Beatty, who were joint-venture partners in the project, had to pick up the additional costs incurred after Carillion’s collapse into insolvency.

Shares in the group (LON:GFRD) fell considerably on the back of the profit warning announcement.

Shares are currently trading down 17.57% as of 12:14AM (GMT).