Prowting set for tumble on warning

SHARES in housebuilder Prowting look set for a fall following an after-hours profits warning on Wednesday and the departure of two directors. Chief executive Steve Rosier - appointed in October - and finance director Bob Templeman quit after Prowting said profits for the year to February would be 'materially below current market expectations'.

Brokers had predicted £30m against £27.5m last time. Chairman Richard Fraser, a former chief executive of housebuilder Westbury, will now run the company.

Prowting, based in Uxbridge, West London, said a review following poor trading showed sales forecasts had been 'over optimistic'. It also faced 'significant cost over-runs' on some sites. The shares closed at 142 1/2p valuing the company at £110m.