Spotless shares are getting hammered

Tomohiro Ohsumi/AFP/Getty Images

Shares in Spotless were hit hard after announcing a 31% fall in profit to $33 million for the half year.

A short time ago, they were down 13% to $0.825.

Revenue at the facilities services group fell 9.4% to $1.455 billion and the payout to shareholders was cut.

The result includes writedowns of $391 million associated with restructuring.

Full year profit is forecast to be between $80 million and $90 million.

“The outlook reflects business development returns being slower than expected,” the company said.

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