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Interserve Warns On Profit After Disappointing Summer Trading

LONDON (Alliance News) - Interserve PLC on Thursday warned on its full-year results, after ...

Alliance News 14 September, 2017 | 8:43AM
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LONDON (Alliance News) - Interserve PLC on Thursday warned on its full-year results, after "disappointing" UK trading in July and August.

Shares in Interserve were trading down 47% at 80.25 pence on Thursday following the news.

The support services and construction group said trading in the UK over the summer months was particularly disappointing in support services, but also in construction. It therefore expects the outturn for the full year to be "significantly" below its previous expectations.

Interserve added that it has made further progress on contracts within its exited Energy-from-Waste business, but that the anticipated timing and complexities of completion mean it now considers it likely that the final costs will significantly exceed the GBP160 million currently provided.

Interserve said it continues to believe it will be able to operate within its banking covenants in 2017.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Interserve PLC 77.00 GBX -3.14 -
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