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Balfour Beatty CEO steps down after profit warning

Reuters - UK Focus

LONDON, May 6 (Reuters) - British infrastructure group Balfour Beatty (Other OTC: BAFYY - news) said on Tuesday its Chief Executive Andrew McNaughton had quit as it warned that 2014 pre-tax profits would be significantly lower than previous expectations.

The company said the weakness came from its British construction business, where it now expects a 30 million pound shortfall in 2014. As a result, overall pre-tax profits for 2014 are seen in the range of 145 million pounds to 160 million pounds.

Balfour said in March that it expected to "make modest progress in 2014", having posted underlying pretax profit of 187 million pounds in 2013.

(Reporting by Li-mei Hoang; editing by Kate Holton)