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.
Subscribe to 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.
-
1,000 children hold over £100,000 in a junior ISA – how to grow tax-free nest egg for your child
Junior ISAs can be a tax-efficient way to grow a nest egg for your child. We explain how they work
-
How to start investing: a beginner’s guide
Getting started in investing is a great way to make your money work harder for you over the long term, as investments tend to outperform cash savings