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Interserve bosses buy £100k-worth of shares

Interserve boss Debbie White and her CFO Mark Whiteling have acquired nearly £100,000-worth of shares in the contractor, it has emerged today.  

One analyst said the move showed the pair’s confidence in the business. 

The Berkshire-based contractor posted an annual pre-tax loss yesterday of £244m, while net debt has jumped to £502.6m.

Shares in Interserve slid around 16 per cent at one point yesterday despite the release of more details of the group’s turnaround efforts. 

However, a stock market filing today revealed Ms White snapped up 56,364 shares at £1.05 yesterday. 

Mr Whiteling, who joined Interserve in October, bought 30,000 shares at 93p, the filing showed. 

It has not been disclosed how much of a holding the pair now have in the company. 

Numis analyst Howard Seymour said: “This is a tangible illustration that management are confident in the future of the business, as there is no onus on the CEO and CFO to buy shares.” 

Interserve has been hit by problems on energy-from-waste contracts, which sparked two profit warnings last year and led it to seek a refinancing deal with its lenders.

A new £834m finance arrangement was confirmed late last week after shareholders voted to allow the company to increase its borrowing cap to at least £1bn, days before its full-year results were due to be published. 

Chairman Glyn Barker yesterday admitted that much of Interserve’s problems are due to “self-inflicted mistakes of the past”. 

Ms White, who joined Interserve last September, is overseeing its Fit for Growth turnaround programme aimed at saving Interserve around £15m in costs in 2018 and £40m-£50m a year up until 2020. 

Shares in Interserve are currently trading down 4.6 per cent at 89.4p. 

Readers' comments (4)

  • Hardly a ringing endorsement to their survival!

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  • Survival???

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  • Buy 100k publicly.

    Short 1m via significant others CFD account.

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  • Window dressing. Chicken feed. Spin doctoring.

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