Shares in architect SMC Group dropped one-third after the company warned that full-year pre-tax profit for the year ending 31 December 2006 would be below market expectations.

The company, whose buildings include the Eliot Park Innovation Centre in Nuneaton, Warwickshire (right), said profit would be about £5.1m owing to a change in accounting rules. Shares fell 64p to 129p. Analysts had been forecasting pre-tax profit of £6-7m.