Coffey shares dumped on weak outlook Coffey International has flagged the axing of as many as 150 jobs in the wake of a continued contraction in resource sector spending, which has hit revenues and forced it to boost restructuring charges to as much as $10 million. March quarter revenues of its key geosciences division were down 4 per cent on the previous quarter, which was itself weak, it said. Coffey shares were dumped on the downgrade, falling to new lows of 11c earlier this morning, and were at 13c, down 10c, in late morning trading. "The Australian economy is contracting," a statement from Coffey said this morning. This in turn has led to increased project cancellations and delays. Gross profit, as measured by earnings before interest, tax, depreciation and amortisation, for the year to June is now expected to be $18-19 million, with restructuring charges now expected to be as much as $10 million. "Continuing to reduce our debt and increase our financial stability remain key priorities," it said. With the impact on cashflows from the restructuring and the broader deterioration in the economy, no final dividend will be paid, it said.