Infrastructure company Balfour Beatty this morning issued a profit warning, weighed down by weak construction service trading.
The FTSE 250 firm said difficult trading conditions had persisted in its construction services division, which accounts for around 30 per cent of Balfour’s business.
As a result, profits for this year will be lower than expected, it said.
The group said that a dearth of large-scale construction projects in its core British market has meant that it is now relying on smaller projects for its business.
The order book was slightly down to £14.4bn at the end of September, compared with £15bn at the end of June.
Shares were trading more than 15 per cent down in lunchtime trading today.
City A.M. Reporter