StockMarketWire.com - Construction company Interserve said Friday it continued to perform in-line with management expectations and added that its turnaround initiatives was expected to deliver a 'significant' boost to year-end operating profits.

The company traded as expected during the first nine months of the year, Interserve said.

The UK construction segment, however, had continued to see revenue decline in the third quarter, with a small loss expected in the second half.

Equipment services had a 'challenging' first half following the completion of major project activity in 2017.

Interserve said it had made progress with plans to deliver the next phase of savings to achieve the targeted £40 - £50m of annualised savings in 2020. 'The board remains focused on positioning the Group for long-term, sustainable success. This means continuing the operational progress we are making to put legacy issues behind us, particularly in closing out and exiting the Energy from Waste business,' said Debbie White, Chief Executive Officer 'It also means reducing debt and putting a strong long-term capital structure in place. To this end we will announce a deleveraging plan for the Group early in 2019.'

At 8:58am: [LON:IRV] Interserve PLC share price was -1.24p at 33.76p



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