Extracts from an article by Alex Ralph, business correspondent for The Times.
“Anyone trying to gauge the mood in the City after the collapse of Carillion needed only to follow the fortunes of another outsourcer yesterday. Rarely have nerves been as frayed or investors as trigger-happy as they were when told that Interserve, one of the industry’s big hitters, was also in the government’s sights.
Reports that the Cabinet Office has been looking into Interserve ever since it issued a profit warning in September triggered a sharp 15 per cent fall in its share price.” […]
“Interserve has been awarded 67 state contracts, worth £522 million, since it first warned investors about its performance in May 2016, research by Tussell, a data company, for The Times shows. The contracts awarded include a new £227 million deal to provide facilities management services to the Department for Work and Pensions, announced a day after another profit warning in October.”
Read the full article on The Times website.