Amey to announce £60m in write-downs and provisions, claims FT

Support services group Amey is today (Friday) expected to announce a plan for sweeping write-downs and provisions, according to an unsourced article in the Financial Times newspaper.

The report claims that Eric Tracey, acting finance director and a Deloitte partner, was last night finalising the extent of the write-downs, which will be made across several Amey businesses, and are expected to be at least £60m, wiping out all or most of Amey's forecast profits.

Amey plans to make an announcement today barring any hitches, it added.

Michael Kayser, the finance director who resigned in October after five weeks, is thought to have clashed with Brian Staples, chief executive of Amey, over write-downs.

Staples is under pressure from some shareholders to step down, added the newspaper.