Shares in Cardno Limited
(ASX:CDD) have sunk more than 25 per cent after issuing a profit warning for the full 2015 financial year and flagging a $200 million writedown.
The infrastructure and environmental services consultancy expects to report an operating net profit after tax of between $48 million and $51 million, after reporting a net profit of $78 million the year before.
Acting CEO and Group CFO Graham Yerbury has attributed the guidance to underperformance from its US business and revenue challenges arising from the mining and oil and gas slowdown.
Restructure costs, slower than anticipated realisation of cost savings and recent currency volatility have also been blamed for the revision.
Cardno reported a net profit of $31.5 million in the first half of the 2015 financial year.
