Programmed Maintenance Services Ltd
(ASX:PRG) has given a market update, and it's a bit downbeat. The company says the short term revenue growth for its staffing business won't offset the steep decline in its marine business.
The company says the reduced revenue will lead to lower earnings than guidance in the year to 31st March, next year. It projects EBITDA for this financial year to be $100 million (which is $20 million below guidance).
In addition, Programmed has incurred an additional $7 million in marine redundancies to downsize that business. This led to $17 million in restructuring costs projected in FY17 (which is $7 million more than guidance).
Programmed reported a net loss of $98 million at 30 March 2016.
