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Mears slumps on profit miss, revenue growth warning

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(Reuters) – Shares in Britain’s Mears Group Plc fell more than 15 percent on Tuesday after the company reported full-year pretax profit that missed estimates and warned revenue growth could slow.

Mears said it would reallocate capital to areas of the business that deliver financial returns or use it to cut debt levels.

The company said its decision to “reposition” housing development activities would result in some reduction in the rate of revenue growth previously expected from this activity in 2019.

Liberum analysts cut their financial year 2019 pretax profit estimate by 19 percent.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)

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