DOW -23.74%: a brutal reaction to a poor 1H result for the facilities contractor as contract losses and a restructure weighed on the outlook. Profit fell 20% to $68m while a $12m post-tax hit will be taken in the 2H following a revenue recognition error on an ongoing contract. Costs weighed on their transport segment, contract losses hit their Utilities arm while some growth was seen in Facilities contracts. Overall though, the company downgraded underlying profit guidance by 18% to $170-190m which may be impacted further by restructuring costs.
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