Amey finance chief falls after PFI changes
The finance director of support services company Amey has resigned following controversial changes made to how the company accounted for its private finance initiative costs.
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David Miller, who oversaw changes to the way Amey recognised revenue and treated the costs of bidding for PFI contracts, has stepped down ‘to further his career in other fields’ according to the company.
He will be replaced by Michael Kayser, the FD of aerospace components manufacturer Doncasters Group.
Amey was criticised by the City and investors after the accounting changes turned an underlying profit of £55m into a pre-tax loss of £18.3m – the move saw the company’s share price slide 73% in four months, hitting a low of 87.5p before recovering to 130.5p.
The company is a member of the Tube Lines consortium, currently thrashing out final details of the part-privatisation of London Underground.