Nomad shares wandering
The Age
Tuesday January 12, 2010
SHARES in modular builder Nomad Building Solutions plunged almost 50 per cent yesterday after the company downgraded its guidance, announced a board meeting to find ways to solve its problems, and initiated discussions with its bankers.Nomad blamed poor market conditions, poor management and systems, and failure to secure anticipated work as it revised its 2010 financial year guidance down to a $2 million loss rather than profit of $10-12 million. Nomad said it expected its first-half result, to the end of December 2009, to be a loss of $5 million on revenue of $100 million.Nomad said it would make a further statement on its position tomorrow, following the board meeting today.Nomad shares fell 33.5, or 47.5 per cent, to close at 37.
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