Firm racks up 拢111m pre-tax loss as full extent of eye-watering costs on restructuring plan revealed
Interserve has publicly admitted that its ongoing financial mess is now affecting its ability to win work with the firm counting the cost of another year of thumping losses.
The firm stayed firmly in the red for the third successive year racking up an 拢111m pre-tax loss in the 12 months to December 2018.
In a statement accompanying the results, the firm said working capital in its UK construction business was draining away which it said was partly down to cutting down the amount of work it took on but 鈥渕ore so as the group鈥檚 financial position started to impact its ability to successfully win contracts鈥�.
Group revenue was close to 11% down to 拢2.9bn which the firm said was because of 拢216m fall in UK construction work which has 鈥渂een driven by lower activity levels as we have struggled to win new work and EfW [energy-from-waste] projects completing鈥�. Revenue at its UK construction business slumped 22% to 拢757m.
Although the firm narrowed losses from last year鈥檚 拢244m figure, the firm sti