The fall in profit resulted in a share price decline last week of 5.4% to 183.5p. Financial group Old Mutual has downgraded its pre-tax profit expectation for 2003 for Interserve from £56.5m to £40m.
Old Mutual analyst Stephen Rawlinson said: "Interserve is probably paying the price for growing a little too rapidly, and expectations in the market getting ahead of themselves."
Interserve said its business was essentially strong, and that its net debt had been reduced by nearly one-third to £42.8m.
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