May Gurney issues profit warning, Chief Executive departs
Infrastructure services firm, May Gurney has issued a big profit warning and parted company with its chief executive.
Infrastructure services firm, May Gurney has issued a big profit warning and parted company with its chief executive.
The firm, which looks after rail, road and utility assets says some kerbside recycling contracts are experiencing serious difficulties while the Facility Services division, which has focused on the education sector, is to be run down with exit costs likely to hit £10m.
At its utilities business, one of its brands, Scotia Gas Networks, has decided to reduce its outsourcing requirement, which will impact revenues.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Philip Fellowes-Prynne, the Chief Executive, has left "by mutual consent", to be replaced on a temporary basis by non-executive director Willie MacDiarmid, whose background is as a senior manager at Scottish Power.
May Gurney says it will "significantly under-perform" its original forecasts for the full year, resulting in a massive sell off of the stock. At midday the shares had fallen 46%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Charitable giving and inheritance tax: 7 tips to avoid complications
Giving some of your estate away to charity can save your family thousands in inheritance tax. But common pitfalls could mean your chosen cause loses out and your loved ones are left with a complex nightmare to unravel. We look at how to do donations right.
-
The UK cities where it’s cheaper to buy a house than rent
For people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.