Construction industry | The Guardian
Balfour Beatty shares plunge 25% after forecast profits dive by £75m
KPMG instructed to investigate after internal reviews at troubled construction firm unearth extra losses and write-downs
Shares in Balfour Beatty plunged by almost 25% as the infrastructure group issued its fifth profit warning in two years following the discovery of a £75m shortfall in expected profits at its UK construction services business.
Balfours executive chairman, Steve Marshall, is also stepping down. The group has brought in KPMG to conduct a review of the construction services business. The accountants will analyse commercial controls, contract value forecasting and project-level reporting for contracts at the division. KPMGs review follows an internal probe last year that found overruns and overspends.
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