A fresh profit downgrade is throwing renewed doubt over whether Vocus Group can combine the four businesses it was two years ago into one, as private equity opportunistically eyes the telecommunications provider's falling share price.

In a market update well after the market closed on Tuesday night, Vocus slashed its underlying profit forecast for financial 2017 to between $160 million and $165 million, after previously forecasting a net profit between $205 million and $215 million. It followed a weaker-than-expected trading update in November.