Staffing and maintenance services company Programmed Maintenance Services Ltd
(ASX:PRG) has downwardly revised its full year earnings guidance due to a decrease in maintenance spending in the commercial and retail sectors in Australia, New Zealand and the UK.
The company says it now expects earnings before interest, tax, and amortisation for the 12 months to March 31 to come in between $57 million and $60 million versus previous forecasts for profit of $63 million.
Net profit for the year is expected to be between $26 million and $29 million, the company reported net profit of $28 million last year.
Looking ahead Programmed Maintenance says it believes its prospects are strong with the Australian economy expected to recover further over the next 12 months lifting the activity levels of many customers.
The company also says the acquisition of KLM will create more value for its customers and it has identified further areas to strengthen and add capability to the Programmed group.
Programmed Maintenance Group payed a total of 14.5 cents in dividends in the 12 months to March 30, 2009.
