Shares in Amey, the support services and rail maintenance company, plunged by almost 31% yesterday as investors questioned its accounting policies.
A major part of investor uncertainty centres on the time schedule for the refurbishment of the London Underground. It is expected to achieve the full-year forecast of £69m if work starts soon. The Financial Times carries an extended analysis of Amey’s business.
Shares of three other companies in a similar sector to Amey, WSAtkins, Jarvis and Carillion, also fell. The Guardian interprets Amey’s share collapse as putting the government’s plans for public private partnerships (PPPs) “in turmoil”.
Financial Times 10/07/02 page 23, page 46 (Companies Report)
The Daily Telegraph 10/07/02 page 34
The Times 10/07/02 page 21
The Guardian 10/07/02 page 1
The Independent 10/07/02 page 20 (Market Report)
