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Bricks on a building site

Shares in Galliford Try plunged by more than a fifth when markets opened this morning after the housbuilder and construction firm spooked investors with a profit warning.

The company said it would shrink its construction business and warned full year profits would be £30m-£40m lower than City analysts were expecting, party because of cost overruns on some projects, including the troubled Queensferry Crossing in Scotland.

Galliford Try had already increased its provision on the Aberdeen by-pass project, after it was left to pick up the pieces when Carillion – its former partner on the project – collapsed.

After initially falling more than 20%, shares are now down 18% at 596p, making it the biggest faller on the FTSE 250.





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