Bilfinger shares fall after first profit warning under Blades

Shares in German engineering services firm Bilfinger fell as much as 4 per cent on Wednesday after the company issued its first profit warning since Tom Blades became chief executive a year ago.

Blades has been trying to steer the company into calmer waters after it endured six profit warnings and four CEOs in the space of two years amid a decline in the company's primary energy markets.

Late on Tuesday Bilfinger abandoned its target to improve its operating profitability this year after it made provisions of $63 million (£49 million) for projects taken on by its U.S. subsidiary Westcon in 2015 and 2016. They were approved just before Blades took over in July 2016.