Cost overruns at the £1.34bn Queensferry Crossing in Scotland have forced Galliford Try to announce a profit warning and plans to shrink its civil construction business.
The building group said yesterday that it expected its annual profit before tax to be between £30m and £40m lower than analysts’ previous forecasts of £156m.
That, and the announcement of a sweeping review of the construction unit, came as a nasty surprise to the stock market, which sent Galliford Try’s shares tumbling by 20%, or 149p, to 576.5p last night, making the stock the biggest faller in the FTSE 250.
