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Sat May 25 2024

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May Gurney loses £64m value in a day

7 Sep 12 May Gurney saw 41% of its value wiped away yesterday after it announced a profits warning and the departure of chief executive Philip Fellowes-Prynne.

The share price started the day at 221p and ended at 130p. At mid morning it dipped as low as 118p.

During the course of the day its market capitalisation fell from £155.23m to £91.31m, a fall of £63.92m.

Yesterday (Thusday) May Gurney issued a profit warning and said that Mr Fellowes-Prynne had left forthwith. Non-exec director Willie MacDiarmid is standing in until a successor is found.

Traditionally an old fashioned Norfolk civil engineering contractor, May Gurney’s problems arose from its reinvention as support services outsourcing company, competing against the likes of Mouchel, formerly a traditional consulting engineer that ended up losing virtually all its value and being taken over banks after chasing the outsourcing market.

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