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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Integra Resources Corp | TG:IRV | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.022 | 2.61% | 0.864 | 0.836 | 0.864 | 0.864 | 0.864 | 0.864 | 650 | 10:12:45 |
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Closure of Foundation Engineering Operations
Interserve Plc (Interserve) announced today that, following the completion of a
review of operations, it is proposing to discontinue its activities in
foundation engineering (piling) by closing its subsidiary, Westpile Ltd
(Westpile). Westpile is a self-contained business unit within Interserve's
Project Services Division, with an annual turnover of approximately £20
million.
Although Westpile is currently trading profitably, the highly cyclical and
capital-intensive nature of piling operations does not offer Interserve
prospects for sustained profit and cash flow generation in the medium to long
term.
The impact of the proposed closure will be an Exceptional Charge of
approximately £5.8m, which will be reflected in the 2003 full year results. The
cash impact is expected to be broadly neutral.
Interserve will issue a regular update on Group trading before entering its
Close Period at the close of business on 9 January 2004.
END
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