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Interserve unveils fresh woes

Interserve unveils fresh woes

Contrarians ready to declare the worst was over for support services group Interserve (IRV) have received some bad news. In a catastrophic trading update, management has warned of “a realistic prospect" that the group will not meet the net debt to adjusted cash profit ratio required by its financial covenants. Investors recoiled at the news, sending the shares down 36 per cent in early trading on the day of the announcement.

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