Infrastructure services company Service Stream Ltd
(ASX:SSM) the company says it expects to report earnings before interest, tax, depreciation and amortization of around $30 million for the 2009 financial period, on revenue of $550 million.
The company also says CEO Patrick Flannigan will step down from the role at the end of July.
Service Stream says further softening in the economy led to delays in work expected in the final quarter of the 2009 financial year.
Saying that the major item has been a delay in the commencement of certain capital projects which were budgeted as new business and growth opportunities for the company.
Service Stream says the while it anticipates that substantial new business opportunities remain across all its operating divisions, over and above its existing and ongoing customer activities, these opportunities are likely to be deferred into the 2010 financial year.
Service Stream’s 2008 net profit was $18 million.
