Interserve warns shedding waste arm will now cost £160m

摘要

Interserve has said the cost of closing its energy-from-waste business will more than double to £160m. The contractor, which is due to release its full-year results next week, said last August it was getting out of the sector after racking up £70m-plus losses. But in an update to the London Stock Exchange on Monday, the firm said its provision for costs related to exiting the market had now spiralled to £160m because of continuing uncertainties over the conclusion of the contracts and an expected lengthy period of litigation over the firm's removal from the £150m Glasgow Recycling & Renewable Energy project.