Christie Group PLC (AIM:CTG)'s shares plummeted by 29% after the company said it expects a significant drop in its full-year performance.
This is due to ongoing transaction delays in its agency and advisory business, Christie & Co, and changes in the timing and outcome of key portfolio assignments. These issues, reflecting a wider market slowdown, are expected to persist until the end of summer.
Despite a challenging first half, the business services specialist said it is optimistic about a recovery in the second half of the year.
The company anticipates a positive trading performance, bolstered by strong transaction pipelines.
Other areas of its business, such as its finance brokerage and business appraisal operations, also show promising activity, offering potential growth opportunities amidst the downturn.
At 8.51 am, the shares were changing hands for 120p, down 27.5p.