Futures Forum: Knowle relocation project: problems for Honiton HQ builder > Could Interserve become another Carillion?
Futures Forum: Knowle relocation project: and further problems for Honiton HQ builder
It's not getting any better apparently:
BETTER HOPE THAT NEW EDDC HQ IS NEARLY FINISHED …
8 AUG 2018
… as its chosen builder (Interserve) is going through a very rough patch:
https://www.constructionenquirer.com/2018/08/07/more-losses-at-interserve-as-debt-levels-top-600m/
Better hope that yew tree spell does the trick:
Check that roof … and the walls … and the wiring … and the plumbing … we wouldn’t want it costing more than the “old” HQ to put right would we …!
Better hope that new EDDC HQ is nearly finished … | East Devon Watch
The construction news is dominated by the latest from Interserve:
Pre-tax loss for Interserve | Article | KHL
Interserve half-year loss: 5 things we learned | News | Construction News
More losses at Interserve as debt levels top £600m | Construction Enquirer
Recent Investment Analysts’ Ratings Changes for Interserve (IRV) - Fairfield Current
And the mainstream press is interested too:
Interserve slips to a loss as restructuring costs take a toll - Telegraph
Interserve's share price falls as construction giant swings to a loss | City A.M.
Outsourcer Interserve suffers tough start to year
UK government contractor Interserve suffered a plunge in profits in the first half of this year but said its restructuring was on track, months after it agreed a survival deal with creditors. Shares fell 10 per cent in early trade on Tuesday.
The outsourcer, which provides support services in areas including probation and healthcare, reported a loss before tax of £6m, compared to a £24.9m profit in the same period last year, while headline profit before tax — adjusted to include the impact of the group’s exit from several of its smaller businesses — dived 81 per cent to £9m. Revenue also fell 10 per cent to £1.5bn.
In the opening six months of this year, Interserve exited its property development business and continued winding down its Energy from Waste business, which it said would allow it to focus better on its “core activities” in support services. However, the group’s announcements to the market, between July 2016 and February 2017, that it was planning to stop building plants that generate energy from waste is currently being investigated by the Financial Conduct Authority.
Meanwhile, Interserve’s construction business in the UK made a return to operating profit as it “continued to strengthen our pricing and bidding controls,” but its equipment services saw lower revenue and profit, largely as a result of the trade blockade in Qatar and fewer infrastructure projects in the UK.
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