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Interserve PLC (IRV.L)

IRV.L on London Stock Exchange

57.00GBp
11:37am EDT
Change (% chg)

0.45 (+0.80%)
Prev Close
56.55
Open
56.50
Day's High
57.95
Day's Low
56.50
Volume
206,736
Avg. Vol
889,001
52-wk High
125.00
52-wk Low
52.75

Latest Key Developments (Source: Significant Developments)

Interserve Gets 2-Yr Contract Extension Worth Over £10 Mln
Monday, 11 Jun 2018 04:14am EDT 

June 11 (Reuters) - Interserve PLC ::AWARDED 2-YEAR CONTRACT EXTENSION TO PROVIDE TOTAL FACILITIES MANAGEMENT SERVICES FOR LOCAL AUTHORITY, SOUTHWARK COUNCIL WORTH OVER £10 MILLION.  Full Article

Interserve Agrees Sale Of Haymarket For Gross Proceeds Of £49.1 Mln
Tuesday, 5 Jun 2018 04:36am EDT 

June 5 (Reuters) - Interserve PLC ::INTERSERVE AGREES SALE OF HAYMARKET.CO'S JV WITH TIGER DEVELOPMENTS, EDINBURGH HAYMARKET DEVELOPMENTS AGREED SALE OF HAYMARKET SITE IN EDINBURGH TO M&G REAL ESTATE.SALE OF HAYMARKET SITE IN EDINBURGH TO M&G REAL ESTATE, WITH GROSS SALES PROCEEDS OF £49.1 MILLION.JOINT AGENTS JLL AND DOUGRAY SMITH ACTED FOR EDINBURGH HAYMARKET DEVELOPMENTS LIMITED.  Full Article

Interserve Says General Meeting Will Be Held On April 27
Wednesday, 11 Apr 2018 02:01am EDT 

April 11 (Reuters) - Interserve PLC ::GENERAL MEETING WILL BE HELD AT 8.00 AM ON FRIDAY, 27 APRIL 2018.PURPOSE OF GENERAL MEETING IS TO OBTAIN SHAREHOLDER APPROVAL TO INCREASE BORROWING LIMIT OF GROUP.DOWNS ARE EXPECTED TO BE CONTAINED IN 2017 STATEMENTS.  Full Article

Interserve Agrees Major Commercial Terms With Lenders And Financial Stakeholders
Wednesday, 21 Mar 2018 12:26pm EDT 

March 21 (Reuters) - Interserve Plc ::DISCUSSIONS WITH LENDERS AND OTHER FINANCIAL STAKEHOLDERS HAVE CONTINUED TO PROGRESS WELL.AGREEMENT IN PRINCIPLE ON MAJOR COMMERCIAL TERMS NOW REACHED.INTERSERVE - ‍IN ADDITION, LENDERS HAVE AGREED TO EXTEND COVENANT TEST DEFERRAL DATE AND MATURITIES OF FINANCING FACILITIES AGREED IN DECEMBER 2017 TO 30 APRIL 2018​.ADDITIONAL FACILITIES COMPRISE CASH FACILITIES OF £196.6M PLUS BONDING FACILITIES OF UP TO £95M.‍EXISTING DEBT AND PRIVATE PLACEMENT LOAN NOTES WILL BE AMENDED TO BE CO-TERMINOUS WITH NEW FACILITIES​.NEW FACILITIES WILL MATURE IN SEPTEMBER 2021.INCREASED COST OF BONDING INSTRUMENTS ALREADY ISSUED WILL BE CIRCA £3.2M, OF WHICH CASH IMPACT IS LESS THAN £1M.‍COMPANY WILL HAVE CASH BORROWING FACILITIES OF £834M IMMEDIATELY FOLLOWING REFINANCING COMPLETION AND THROUGH TO SEPTEMBER 2021​.  Full Article

Interserve Decides To Close Power Business‍​
Wednesday, 21 Feb 2018 08:45am EST 

Feb 21 (Reuters) - INTERSERVE PLC SPOKESPERSON::"WE ARE UNDERGOING AN OPERATIONAL RESTRUCTURE WITHIN OUR INDUSTRIAL DIVISION"‍​."AFTER CAREFUL CONSIDERATION WE HAVE DECIDED TO CLOSE DOWN OUR POWER BUSINESS"."COMMITTED TO COMPLETING ALL CONTRACTED WORKS AND ANTICIPATE THE MAJORITY OF PROJECTS WILL BE COMPLETE BY THE END OF JUNE, 2018"."ALL EMPLOYEES AFFECTED HAVE BEEN INFORMED OF THE DECISION, WITH A CONSULTATION PERIOD RUNNING UNTIL EARLY APRIL"."ARE WORKING INTERNALLY TO ENSURE AS MANY PEOPLE ARE REDEPLOYED WITHIN THE BUSINESS".  Full Article

Interserve Expects 2018 Operating Profit To Be Ahead Of Current Market Expectations​
Wednesday, 10 Jan 2018 02:19am EST 

Jan 10 (Reuters) - Interserve Plc ::‍2017 PERFORMANCE IN-LINE WITH EXPECTATIONS OUTLINED IN OCTOBER UPDATE​.‍'FIT FOR GROWTH' PROGRAMME EXPECTED TO DELIVER £40M-£50M BENEFIT BY 2020​.‍2018 OPERATING PROFIT EXPECTED TO BE AHEAD OF CURRENT MARKET EXPECTATIONS​.‍TESTING OF GROUP'S YEAR-END COVENANT POSITION HAS BEEN DEFERRED UNTIL 31 ST MARCH 2018​.UPDATE ON 2017 YEAR END AND EXPECTATIONS FOR 2018.‍ANTICIPATES THAT NET DEBT AT YEAR-END 2017 WILL BE CIRCA £513M​.‍EXPECT NET DEBT TO PEAK IN FIRST HALF OF FY18​.‍DISCUSSIONS WITH GROUP'S LENDERS ARE PROGRESSING​.  Full Article

Interserve Wins Facilities Services Contract From Thomas Cook
Thursday, 4 Jan 2018 04:05am EST 

Jan 4 (Reuters) - Interserve Plc ::INTERSERVE PLC - HAS WON A NEW CONTRACT WITH THOMAS COOK TO DELIVER FACILITIES SERVICES ACROSS THE HOLIDAY COMPANY’S UK PROPERTY PORTFOLIO.INTERSERVE PLC - FIVE-YEAR PARTNERSHIP BRINGS TOGETHER SERVICES FOR BOTH CORPORATE AND RETAIL LOCATIONS.  Full Article

Interserve announces update on financing and debt covenants
Wednesday, 13 Dec 2017 10:58am EST 

Dec 13 (Reuters) - INTERSERVE PLC ::‍ANNOUNCE THAT IT HAS SECURED ADDITIONAL SHORT-TERM COMMITTED FUNDING FOR GROUP​.‍IN ADDITION, WE HAVE REACHED AN AGREEMENT TO DEFER TEST DATE FOR COMPLIANCE WITH OUR LOAN COVENANTS TO 31 MARCH 2018​.ADDITIONAL FACILITIES TOTALLING £180M COMPRISE £38M COMMITTED REVOLVING CREDIT FACILITY, £37M OF COMMITTED ANCILLARY FACILITIES, COMMITTED BONDING FACILITIES OF £93M PLUS £12M OF ADDITIONAL FUNDING.‍FACILITIES EXPIRE ON 30 MARCH 2018​.  Full Article

Interserve says Bruce Melizan stepped down from board on 30 November
Friday, 1 Dec 2017 02:00am EST 

Dec 1 (Reuters) - INTERSERVE PLC ::THAT BRUCE MELIZAN STEPPED DOWN FROM BOARD ON 30 NOVEMBER 2017 AS PART OF ITS 'FIT FOR GROWTH' PROGRAMME.SUPPORT SERVICES BUSINESS WILL NOW REPORT DIRECTLY TO GROUP CHIEF EXECUTIVE, DEBBIE WHITE.BRUCE WILL REMAIN WITH COMPANY UNTIL 31 JANUARY 2018, UNDERTAKING HANDOVER DUTIES AND TRANSFER OF KEY CLIENT RELATIONSHIPS.  Full Article

Interserve Wins Place On Highway And Infrastructure Frameworks​
Monday, 27 Nov 2017 04:13am EST 

Nov 27 (Reuters) - Interserve Plc ::INTERSERVE PLC - ‍HAS WON A PLACE ON HIGHWAY AND INFRASTRUCTURE FRAMEWORKS IN MANCHESTER AND ACROSS YORKSHIRE AND HUMBER REGION​.INTERSERVE PLC - ‍FRAMEWORK LOTS TO WHICH INTERSERVE IS APPOINTED HAVE A POTENTIAL VALUE IN EXCESS OF £500 MILLION​.  Full Article

Interserve shares drop after posting loss on higher expenses

Aug 7 Shares of Britain's Interserve Plc dropped as much as 9 percent on Tuesday, as the construction and services company posted a loss in the first-half hurt by higher costs.