Construction services group Keller has blamed disappointing first half trading in Britain for its failure to meet a 20 per cent revenues growth target.
Reporting figures for the six months to June 30th, the group said pre-tax profits rose 7 per cent to £12.8 million sterling while sales lifted 11 per cent to £278.7 million.
Keller slashed its profits expectations in June following the cancellation of some jobs in Britain and said other delayed work would not be carried over into the second half.
The news chopped 20 per cent from the company's share price, but it has recovered some lost ground since then and closed at 250p last night.
In an effort to address its poor British performance, Keller said it was withdrawing from some operations and cutting 80 jobs across the business.
The company does work such as building car parks and refurbishing affordable housing in London.