Amey finance chief steps down

THE £280,000-a-year finance director at construction group Amey has fallen on his sword after months of criticism over its accounting policies.

David Miller, 40, has come increasingly under the spotlight since Amey unexpectedly unveiled accounting changes in March which sparked a panic among investors and sent shares in the whole sector into a tailspin. Miller will get no compensation from Amey, which said he was to 'retire' from the board next month. He will be replaced by 47-year-old Michael Kayser, finance director at engineer Doncasters.

It is thought Amey wanted to draw a line under the controversy surrounding the way it accounts for costs incurred on bidding for Private Finance Initiative contracts, although Miller's resignation was not demanded. Controversy about Amey's book-keeping came to a head last week when Miller's opposite number at Amec, Stuart Siddall, slammed his rival's accounting techniques, saying: 'Amey has worried investors. It has damaged the sector.'

The 'ultra prudent' accounting method imposed in March knocked the company into a loss of £18m against City expectations of a £52m profit.