Shanks (SKS) revealed an operating loss of £1.8m at the half-year mark, against a profit of £20.2m at the 2013 interim. But the waste management group's share price held firm, as the underlying problems at its Benelux operations had been flagged at the end of September.
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The loss can be attributed to a £11.1m non-cash impairment linked to the performance of Shanks' Solid Waste Netherlands business, together with £3.3m in restructuring charges and a £3m write-off in its Organics Canada operation. Even without these charges, however, operating profit fell 30 per cent year on year to £18.1m, underlining the challenges faced by Shanks over the last six months.