Severfield PLC's (LSE:SFR) share price dropped 35% after the structural steel specialist announced that its underlying profits for the full year are now expected to fall below previous guidance.
The warning comes despite a 17% increase in revenue to £252.3 million and a 14% rise in underlying pre-tax profit to £16.1 million for the six months ending September 28.
In the interim results statement, Severfield highlighted a robust order book of £410 million in the UK and Europe and record orders worth £197 million in India.
Expansion plans in India remain on track, with new facilities expected to be operational by 2026.
The company maintained its interim dividend at 1.4p per share and continued its £10 million share buyback programme.
The stock was changing hands for 56.5p, down 30.7p.