- Leeds Group warned annual profit before tax was expected to be below expectations as challenges at its operating subsidiaries continued into the second half of the year.

'The trading performance of the operating subsidiaries in the second half of the year has seen below the Board's expectations as market conditions have not improved and this is expected to continue for the rest of the financial year, the company said.

'The Group profit before tax for the full year is therefore expected to be below the Board's expectations for the current financial year.'

The warning comes after the company previously said in its interim report that the underlying profit before tax for the full year would be at a higher level than last year. But challenges in the first half of the year including increased competition in a reduced market showed little sign of improvement.

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