Balfour Drops as Chairman to Quit Amid Profit Outlook Cut
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Balfour Beatty Plc, Britain’s biggest builder, plunged the most in at least 26 years after cutting its U.K. construction-services unit’s profit forecast and saying Chairman Steve Marshall plans to leave.
Balfour dropped as much as 25 percent, the steepest decline since at least September 1988, and was trading down 21 percent at an 11-year low of 177.4 pence at 10:11 a.m. in London. The stock has fallen 38 percent this year, reducing the company’s value to 1.22 billion pounds ($1.98 billion).