Hardys & Hansons this morning reported "more subdued" trading in the second half of the year. The group warned that full-year results would be below market expectations. The company reported a 1.6% fall in uninvested like-for-like managed house turnover, against an increase of 3.6% in the first half. Total uninvested like-for-like turnover growth for the 52 weeks ending 30 September was 0.8%. Hardys said: "The combination of this sales slowdown with a rise in the cost base of our managed houses due to significant increases in the minimum wage, utilities and business rates, and non-recurring costs associated with new acquisitions and a stock revaluation had an adverse impact on second half profitability."