It has been a tough month for Interserve (IRV). Its shares dropped 20 per cent after a BBC report quoted an anonymous former shareholder in the company saying it needed to raise £500m, adding he did not see how they would do it. The group issued a statement to try and reassure investors, but its latest trading update has seen net debt forecasts jump to between £625-£650m, from £610m.
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The announcement set off another round of share sales, sending the price down 7 per cent. Management said the group is on track for “strong” profit growth and expect to announce a deleveraging plan early next year.
