Sweett Group, the international property and infrastructure consultancy, said its results would miss market expectations after two deals were hit by delays.
The problems stem from a hold up in asset sales at its Inverclyde Schools and Dumfries & Galloway Schools PFI projects.
Sweet's shares plummeted 23% after it said the profit associated with the sales would not now fall in the 2011/12 year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"[This will] cause the results for the year ended 31 March 2012 to be commensurately lower than market expectations," it said.
"However, both of the transactions are due to be completed shortly."
The company now plans to delay the release of its results until August.
On a positive note, Sweett said that action taken last year to reduce its overhead costs meant underlying trading performance continued to be encouraging.
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
