Shares in Maintel (LON:MAI) plummeted on Wednesday morning, after the company downgraded its guidance for its annual earnings.
The communications provider warned in a trading update that it expects a lower revenue and EBITDA for the second-half of the year.
This was attributed to a delay to the completion of projects in the second-half, alongside a shift towards to longer-term profit generation, which dragged down revenue during the period.
Consequently, Maintel said it now anticipates EBITDA to be in the revised range of £12-£12.5 million. This proves a slight improvement from the £10.9 million reported back in 2017.
Despite downgrading its annual guidance, the company said that the board maintains its aims for the dividend to continue to grow year on year, in line with previous expectations.
Maintel added that further updates on future outlook would be provided upon the announcement of preliminary results in March.
Maintel was founded back in 1991 and has been listed on the junior AIM market of the London Stock Exchange as of 2004.
Back in 2016, it acquired Azzuri Communications, growing its customer base to some 7,000.
Shares in the firm are currently trading -20.66%, in light of the trading update.
Elsewhere in the markets, Johnson Matthey (LON:JMAT) shares ticked up after the company reported a rise in half-year profits.
Conversely, Kingfisher shares (LON:KGF) took a hit after the company announced its exit from smaller markets such as Russia, Spain and Portugal amid difficulties in France.
Meanwhile, Babcock shares (LON:BAB) also took a tumble, plummeting 12% on the back of profits falling almost two thirds.