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Connect Group said performance had been slightly below market expectations since the release of its interim in May, amid a slower turnaround performance in Tuffnells.
The company said the proposals it received for a potential sale and leaseback of up to 16 freehold and long-lease properties within the Tuffnells estate did not meet its expectations in terms of value, economic return and timings blaming the current market conditions and outlook.
Consequently, the company warned it was unlikely it would conclude such a deal before the end of its current financial year and, as a result, net debt was expected to remain flat in the first half of the year.
Strong performance in Smiths News, however, partially offset a slower turnaround performance in Tuffnells, the company said.
The company will publish its preliminary financial results on 6 November 2019.
At 8:42am: (LON:CNCT) Connect Group PLC share price was -2.35p at 35.25p