Mountfield Group shares (LON: MOGP) plunged on Tuesday after the group revealed final results for the year ending 31 December 2019.

Shares in the group plummeted 45% on opening after the group’s results reflected “a disappointing year”.

Pre-tax profits fell from £1,109,332 to £840,740. The board anticipated a fall in profits due to a reduction in margin on some of the larger contracts.

The construction company’s gross margin plunged from 15.5% to 10.4%, while its operating margin fell to 4.1%, from 7.0%.

Looking forward, Mountfield expects a negative impact from the Coronavirus pandemic. The group said: “The Board believes that as regards future prospects, the changes resulting from the COVID-19 epidemic are of a fundamental nature and that these changes are likely to have a long term and materially negative impact on the markets in which the Group Companies operate.”

“The sharp recession that resulted from the steps taken to limit the spread of the virus has impacted the construction business generally, having had a significant, negative effect on the demand for construction services and in activity levels in the industry generally. The Group has also suffered because both Group Companies offer specialist services to small segments of their respective markets.”

Mountfield Group shares (LON: MOGP) are trading -46.21% at 0,51 (0826GMT).