Plumbing supplier Ferguson has said its full-year trading profit is set to be at the lower end of market expectations, sending shares down 9%.
Chief executive John Martin said: "After a strong revenue performance in the first half, our growth rate has moderated recently in line with conditions in our markets.
"While we still expect to generate further revenue growth in the second half, we have revised our estimates of group organic revenue growth to between 3% and 5%.
"Consequently, we expect trading profit for the full year to be towards the lower end of the range of analysts' expectations."
The gloomier full-year outlook comes despite Ferguson reporting an 8% rise in trading profits to 744 million US dollars (£564 million) for the six months to January 31 on revenues 8.9% higher on a constant currency basis.
