Feb 28 Interserve reported an annual
loss and suspended its dividend on Tuesday after the British
support services and construction company booked a
bigger-than-expected charge on its exit from the
Interserve fell to a pretax loss of 94.1 million pounds
($117 million) for the year ended Dec. 31 from a profit of 79.5
million a year earlier.
Revenue was largely flat at 3.2 billion pounds, as growth in
its international businesses was offset by a modest decline in
its UK support services unit due to delays in government
procurement partly because of Brexit uncertainties.
The company proposed no final dividend, meaning that its
2016 dividend fell to 8.1 pence from 24.3 pence a year earlier.
"The board has a medium term objective to reduce our overall
indebtedness and enhance liquidity levels further whilst
continuing to invest in our core businesses. We have therefore
taken the difficult decision to suspend the dividend
temporarily," CEO Adrian Ringrose said in statement.
($1 = 0.8047 pounds)
(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)