Serco shares open 18 pct lower after latest profit downgrade

LONDON, April 29 Tue Apr 29, 2014 3:12am EDT

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LONDON, April 29 (Reuters) - Shares in Serco slumped 18 percent in early trading on Tuesday after the British outsourcing firm warned it could downgrade its profit expectations.

Serco, which had already warned in January that profit this year would be lower than last due to underperforming contracts, said after the market closed on Monday that it could revise its profit expectations down further and issue new shares to shore up its finances. (Reporting by Brenda Goh; editing by Kate Holton)

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