January 10, 2018 / 7:23 AM / in a month

UK's Interserve forecasts better-than-expected 2018 profit

Jan 10 (Reuters) - British construction and services company Interserve, which issued multiple profit warnings last year, on Wednesday forecast better-than-expected operating profit for 2018 due to lower costs.

Interserve has struggled with cost overruns in its energy from waste business, which it decided to exit in August 2016 after delays to a Glasgow contract caused it to book a provision.

The company, which is reviewing its contract portfolio and non-trading balance sheet items, said it expects cost savings of at least 40 million pounds ($54.09 million) to 50 million pounds by 2020. ($1 = 0.7395 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

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