Shares in Christie Group PLC (AIM:CTG) tumbled to near three-year lows as the distressed business services specialist issued a mixed trading update that contained a warning about profits.
On the downside, it warned that full-year operating profits are likely to fall to somewhere between zero or £1.1 million, which at best would be an 80% decline on the previous year, as it believes some contracts are likely to be delayed into the next year.
On the plus side, the Christie & Co agency and advisory business has seen a return to "more normalised levels" of exchange and invoicing activity since the summer, which it anticipates will continue for the rest of the year.
Last month's first-half results showed a loss of £1.86 million, with the company warning of the uncertain outlook for the remainder of the year.
The shares fell 19% in early trading to 81p, down to levels last seen in November 2020.