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11/01/2017

Interserve Warns Of 'Disappointing' UK Construction Performance

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Interserve has warned of a 'disappointing performance' in its UK construction division ahead of the publication of its annual results next month.

The first said expectations for full-year headline results are unchanged as overall trading has "remained in line with previous guidance".

It added that overall stronger performances from its international devisions would offset poor UK figures.

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Last year, the Group reported a £70 million charge for the troubled Glasgow Recycling and Renewable Energy Centre project. Viridor, the schemes developer, has since cancelled Interserve's contract on the project.

In a trading statement today, the firm said: "The net debt position of the group as at 31st December 2016 is expected to be better than previously guided, at £270-280m, driven by strong collections and other working capital management measures, which have more than offset an increased level of cash outflows from the exited Energy from Waste business."

(LM)

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