Shares in real estate services company McGrath have tumbled in early trade after the company announced a 25 per cent profit downgrade.
McGrath says its financial underperformance is largely in company owned sales, impacted by lower volumes of listings and agent numbers.
While the company has not provided an earnings guidance for the 2018 full-year, it says it does not expect to reach Bell Potter’s estimate of $16.6 million.
Instead, McGrath forecast its earnings will be between 20 per cent and 25 per cent lower than that estimate, due to high restructuring charges and cost savings.
In early trade, shares are around 25 per cent lower at 46 cents.
“In order to deliver a res…
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