UK's MJ Hudson Group hits record low after profit guidance cut

MJ Hudson

17/10/2022 08:39

** Shares of asset management services provider  MJH.L  fall
as much as 19% to a record low of 19p
    ** Co says it is unlikely to be in a position to meet prior
profit guidance, and expects annual results to be below its
previous outlook  urn:newsml:reuters.com:*:nTUC4XYSJN
    ** MJH had forecast adjusted core profit to be modestly
ahead of 8.3 mln pounds ($9.3 mln) for FY22 
    ** Co says revision on expectations following talks with
auditors on treatment of revenue recognition on one major
contract and certain costs included in adjusted core profit
    ** Stock set to post its worst ever day if losses hold
    ** Including session's losses, stock has slumped more than
53% this year
($1 = 0.8895 pounds)
 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))