Carillion shares have fallen 40 per cent after chief executive quit

Carillion shares have fallen 40 per cent after chief executive quit

Richard will stay with the group for up to one year to support the transition. The Wolverhampton-based firm has also been beset by ongoing low oil prices and by cuts in spending by governments.

Green added: "Richard Howson has stepped down as group chief executive and from the board with immediate effect and Keith Cochrane, previously our senior independent non-executive director, will take over as interim group chief executive, while a search is underway for a new group chief executive".

The board has now begun "a comprehensive review of the business and the capital structure, with all options to optimise value for the benefit of shareholders under consideration". But like other worldwide construction groups that have either sold or reduced their regional businesses, it has suffered from a construction spending slowdown that has accompanied two years of falling oil prices.

As part of that process, it said it had raised £12.8 million from the disposal of half of the economic interest in its Oman unit, Carillion Alawi.

Howson is departing as FTSE 250-listed Carillion said its overall 2017 performance is now expected to be below its previous expectations.

Carillion blamed "difficult" markets and withdrawals from certain territories, including Qatar, the Kingdom of Saudi Arabia and Egypt, for the hit to profits, but hedge funds have had doubts over the company's financial viability for some time.

USA bombers fly over Korean Peninsula after North Korea missile test
His administration made new arms sales to Taiwan, imposed sanctions on two Chinese citizens and a shipping company, and put China on a global human trafficking list.

The group warned annual pre-tax profits will fall short of the expected £179m ($230.9m) mark, while revenue is now forecast to be between £4.8bn and £5bn, compared with initial guidance for a £5.03bn figure.

In addition, a review of contracts by KPMG uncovered the need for an £845m "provision" for a number of projects.

Carillion hopes to raise £125m in the next year by exiting "non-core markets and geographies" and it hopes to save £80m by suspending dividends in 2017.

He said investors would fear a significant cash call could be on the horizon. It will only undertake future construction work "on a highly selective basis".

But it has failed to gain traction in most of the region's major economies, which still rely on traditional contract forms and competitive tenders to award major infrastructure projects.

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