Business
Why the Mitchell Services (ASX:MSV) share price is plunging 19% today
Mitchell Services Ltd (ASX: MSV) shares are in freefall today after the company released its quarterly investor update around an hour after market open. At the time of writing, the Mitchell Services share price has plummeted 19.3% to 46 cents.
At one point during morning trade, shares in the drilling services company were down more than 22% before recovering slightly.
What was announced?
The Mitchell Services share price has hit the skids today despite the company reporting strong underlying operating performance for the second quarter of the 2021 financial year (FY21 Q2).
However, earnings before interest, tax, depreciation and amortisation (EBITDA) was hit hard by the recognition of a $7.3 million impairment of trade…
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