Budget cuts rock social housing firm
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Social housing firm Connaught saw its shares fall by a fifth again today after plummeting by 37% yesterday and 33% on Friday.
Shares fell from 135p to 102p this morning before making a slight recovery to 109p as the firm’s share price continues to crash after a profit warning that Budget cuts had led to 31 contracts being deferred.
Connaught’s shares closed down 80p to 135p at the end of trading on Monday and revenues are now expected to be £80m lower with profits dropping by £13m.
The Exeter company performs maintenance and repairs for many social housing projects.
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