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Interserve gets termination notice on Glasgow energy project

Tue, 15th Nov 2016 14:30

(ShareCast News) - International support services and construction group Interserve has been served notice of the termination on its Glasgow Recycling & Renewable Energy project by Viridor.The company said it is now "assessing the implications of this development" with its legal advisers and will issue a further update in due course.In a trading update back in May, Interserve said it had been hit by a further deterioration in its Glasgow energy-from-waste contract.It said at the time that the issues related to the design, procurement and installation of the gasification plant, together with continuing challenges with the supply chain and the group expected to take a £70m exceptional contract provision in the first half of this year as a result.In August, the company said it had decided to exit the energy-from-waste market amid a deteriorating outlook.Interserve was awarded the contract with Viridor, which is part of Pennon Group, back in July 2012.At 1443 GMT, the shares were down 11% to 329.19p.