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Steve Marshall, Balfour Beatty’s Non-Executive Chairman, will take over as Executive Chairman until a successor is appointed.
The Group also announced a trading update (2014 Q1 IMS and strategic review) that is far from rosy with a £30 million shortfall in construction business expected.
Pre-tax profits are expected to be in the range of £145 – £160 million.
Professional Services, Support Services and the Investments division continue to perform in line with management expectations, said the company.
In March Balfour highlighted that its M&E business had been 'impacted by adverse market conditions towards the end of 2013'. These conditions have continued into 2014 and together with poor operational delivery issues on a number of contracts and low order intake, the business has had a bad first quarter.
Article written by Brian Shillibeer | Published 09 May 2014
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