“While social care and our nuclear and power businesses continue to trade within expectations, market headwinds for our healthcare, technologies and oil and gas businesses are such that the board now expect group operating profits for FY16 to be significantly lower than market expectations and lower than the outturn for FY15,” it added.
“In response, the company has taken swift remedial action, reallocating company resources and reducing costs.”
Alan Stubbs, chief executive of Servelec, said he was “disappointed to have to report the difficult trading conditions” that have impacted the company’s financial outlook.
“We don’t believe that this reflects upon the quality or scale of the opportunities across our target end markets,” he added. “However, some end markets are currently challenging and timing of order entry has become a short term issue.”
Andrew Mills appointment
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