Interserve shares slump after revealing £244m loss

By Hamish Champ2018-04-30T10:02:00

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CEO describes 2017 as “an extremely challenging year” but says plans in place for recovery

Shares in Interserve dived today after the group announced losses of £244m, including a further writedown of £35m on its Energy from Waste business.

Investors baled out of the group’s stock, sending it down 17% to 89p after the firm revealed the deficit on flat turnover of £3.25bn.

Operating profit slumped 52% to £75m, hit by a poor performance construction, which despite a 20% rise in turnover to £1.1bn saw a loss of £19.4m in the UK, wiping out a similar profit made in its international business, and support services, where operating profit was down 54% at £42m on turnover down 2% at £1.7bn.

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