Bradken confirms earnings after stock price plunge

Bradken has been forced to reaffirm its full-year guidance after its share price took a hit.

In a statement on the ASX, the mining services company said it could not explain the recent decline in the trading price of its shares.

Bradken has lost more than 30 per cent of its value in less than a month, with the stock closing at a 12-month low on Tuesday of $1.07.

The company confirmed that the FY15 results will be on line with its guidance, expecting earnings before interest, tax, depreciation and amortisation in the range between $136 million and $138m, and net debt of around $410m.

In late June, Bradken announced it had entered negotiations with Chilean industrial group Sigdo Koppers for a possible merger deal.

Sigdo Koppers combined with CHAMP Private Equity to make a $70m investment in Bradken.

The company said today it was still exploring the possible transaction.

Bradken said while its end markets remain challenging, it was taking proactive steps to restructure the cost-case of its operations. 

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