Shares in construction firm Galliford Try have tumbled after the firm issued a profit warning.

The firm said it would undertake a strategic review that will reduce the size of the construction business to focus on its key strengths.

The single largest element in the firm's one-off costs relates to the Queensferry Crossing joint venture, after an estimate for final costs on the project was increased.

The process is expected to result in reduced profitability in the current year, as part of the assessment of operational progress and contracts.

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It is anticipated that the outcome of the assessment will reduce the group's full-year profit before tax by between £30 million and £40m.

Analysts had expected £156m for the full year, but this could now be reduced to as low as £116m.

Shares in the company were down 20 per cent on Tuesday morning.

The Herald: JD Sports

JD Sports has posted record results despite the UK's high street crisis, as the sports retailer looks abroad for further growth opportunities.

The group reported a 49.2 per cent increase in annual revenue to £4.7 billion for the 52 weeks to February 2, coming in at the higher end of market expectations.

Meanwhile, profit before tax was up 15.4% to £339.9 million.

Card Factory has reported 3.3 per cent revenue growth to £436 million for the year to January 31.

Profit before tax declined by 8.3% to £66.6 million.

The retailer said like-for-like sales were flat.