Although it has been a bumpy ride, in the last 30 days the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to carve out a 1.5% gain.

Acting as a drag on the index have been four shares in particular. These four shares are the worst performers on the index during the period, posting declines ranging from 18% to 38%. But could a turnaround of fortunes be in sight for any of them?

Cardno Limited (ASX: CDD)

Leading infrastructure and environmental services provider Cardno has been the worst performer on the S&P/ASX 200 during the period with a 38% drop in its share price. The decline was partly a result of a market update which revealed a significant drop in earnings guidance for the year. It lowered its EBITDA guidance by $15 million to between $40 million and $45 million. It is trying to raise $92.5 million at 40 cents per share in a capital raising. A significant discount to the current share price. The process is ongoing and I don’t believe there is a turnaround in sight at present.

Flight Centre Travel Group Ltd (ASX: FLT)

Flight Centre shares are down 18% in the last 30 days and have yet to rebound following its full year profit downgrade a couple of weeks ago. Flight Centre’s management advised that it now expects to deliver a 2% to 5% drop in full year profit. It has placed the blame on soft demand caused by the Australian election, the Brexit vote, and the Zika virus. Personally, I believe these headwinds are temporary and that long-term buy and hold investors could pick up a bargain today at the current price.

FlexiGroup Limited (ASX: FXL)

Shares of the leading finance and leasing company have dropped 21% in the last 30 days after it warned of systems and goodwill impairments to the sum of $18.4 million. These impairments were the result of the discontinuation of its paymate, enterprise, and telecommunication business segments. It also took a $15.7 million provision for the lifetime loss in recovering its enterprise portfolio value, meaning its statutory profit after tax is now expected to drop by around 35% to $54.2 million. FY 2017 looks set to be a year of transition, but management expects the company to return to double-digit cash profit growth from FY 2018 onwards. In light of this, at the current price I believe FlexiGroup looks like an interesting option for investors.

UGL Limited (ASX: UGL)

The shares of engineering and services company UGL are down almost 35% in the last 30 days, with much of these declines coming in the last few days. This was due to management warning of potential contract losses to the tune of $200 million from its Inpex Ichthys liquified natural gas project. As negotiations are ongoing, I believe it is far too soon to consider an investment in UGL and would instead focus my attention elsewhere in the industry.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.