Shares to Sell Programmed Maintenance Services (PRG)

PRG ASX Programmed Maintenance ServicesOnce simply a painting services company, Programmed Maintenance Services (PRG) has expanded into a full-scale property maintenance group.

PRG directly employs more than 11,000 staff and tradespeople across a broad range of government and private sector industries in the resources, infrastructure, education, manufacturing & logistics, commercial/retail and tourism and recreation markets.

It has also been one of the shares to sell over the past year, with its stock price tumbling from around $4.60 in October 2009, to close yesterday at $1.38.

Highlighting its woes, PRG announced yesterday that it will restructure its property services business to reverse recent under-performance.

The group cited reduced demand for its services and lower indexation revenue as the key reasons behind the restructure.

PRG advised that restructuring costs are expected to total $15.8 million.

The news saw PRG plummet over 20% on the day, putting it among the worst performers in the Australian share market. Learn more with a free trial.