UK's Watkin Jones hits record low on profit warning
19/07/2023 08:59
** Shares of Watkin Jones WJG.L down as much as 41.4% to a
record low of 45.2p
** Says market conditions have become more challenging since
interim results, expects situation to persist into fiscal 2024
** British property developer expects FY 2024 profit before
interest and taxes between 15 mln and 20 mln pounds
** WJG continues to explore sale of limited number of
non-core assets resulting in an impairment charge of around 10
mln pounds
** Also announces Richard Simpson has stepped down as CEO
** Appoints Chief Investment Officer Alex Pease to take on
role of interim CEO, effective July 19
** Including session's losses, stock down 53.2% YTD
(Reporting by Anandita Mehrotra in Bengaluru)
((Anandita.Mehrotra@thomsonreuters.com))