Interserve posts first-half deficit

Outsourcer Interserve has swung to a loss as it scrambles to find £50 million in cost savings.

The company made a £6m loss in the halfyear ended 30 June, as compared with a profit of £24.6m during the same period last year. Revenues were down 9.7 per cent to £1.49 billion. The firm has embarked on a restructuring programme, its so-called “Fit for Growth” initiative.