McGrath halves full-year earnings guidance

March 12, 2018

McGrath Limited expects underlying full-year earnings to be between $5 million and $5.5 million.

Embattled property group McGrath Limited has cut its full year earnings guidance by half, saying the impact of reduced sales volumes has affected the company more significantly than previously contemplated.

The company expects to generate underlying full-year earnings of between $5 million and $5.5 million, down from between $10.6 million and $11.6 million announced in January.

"It is important that the market is aware of the right baseline financial position that appropriately reflects the current status of the McGrath business and trading conditions," newly appointed chief executive Geoff Lucas said on Monday.

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