Profit warning sends AEA shares tumbling as chief executive quits

SHARES in climate change consultancy AEA Technology nose-dived by more than 80 per cent yesterday, after the company delivered a profit warning and said its chief executive had left.

The Oxford-based energy and environmental firm admitted that profits for the year to 31 March 2012 would be “significantly lower” than expected, and admitted it was in discussions with Lloyds about its banking facilities.

AEA said it had been hit by weaker-than-expected trading at its PPC business in Washington, causing it to reduce its forecast for the second half of the year.

It also said Andrew McCree, who joined the company in 1991 and has been chief executive since April 2005, had decided to step down with immediate effect as a result.

Shares in AEA closed down 85.8 per cent, wiping some £180m off the company’s market value.