Feb 20 Interserve Plc, a British support
services and construction company, more than doubled the
expected charge associated with an exit from its
energy-from-waste business to about 160 million pounds ($198.9
The company said it had decided its previous provision of 70
million pounds would not be adequate after a detailed review of
operational developments and the impact of a lengthy period of
litigation related to a terminated contract in Glasgow.
Interserve, whose activities range from providing care
services for people in their own homes to building repairs at
Britain's Sandhurst military academy, said it expected further
cash outflows of about 60 million pounds in 2017.
The company had first announced its decision to exit the
energy-from-waste business in August, after noting cost overruns
and delays in the Glasgow contract.
($1 = 0.8043 pounds)
(Reporting by Esha Vaish in Bengaluru; Editing by Amrutha