{"id":54535,"date":"2019-03-26T08:28:51","date_gmt":"2019-03-26T08:28:51","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=54535"},"modified":"2019-03-26T08:28:51","modified_gmt":"2019-03-26T08:28:51","slug":"pennon-profit-hit","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/pennon-profit-hit\/54535\/","title":{"rendered":"Pennon reveals \u00a316m profit hit after Interserve collapse"},"content":{"rendered":"

Pennon<\/a>, the owner of water and waste firm Viridor, has taken a \u00a316m hit on its full year profits after the collapse of Interserve<\/h2>\n

Interserve owes Pennon \u00a372m over the beleaguered Glasgow Recycling and Renewable Energy Centre, which was originally set for completion in 2016.<\/p>\n

Following the issues, Viridor issued a notice of termination to Interserve<\/a> and Doosan Babcock was brought in as a replacement in early 2017.<\/p>\n

Pennon\u2019s half year results recognised a gross receivable of \u00a372m due from Interserve Construction Limited.\u00a0Pennon said it was making a provision in its accounts of \u00a38m in relation to the contract.<\/p>\n

However, in its latest trading statement, it has doubled this provision to \u00a316m.<\/p>\n

Pennon said: \u201cGiven the recent announcements regarding Interserve plc entering into administration we are seeking further clarification regarding the financial position of Interserve Construction Limited the ongoing operating company with whom we contracted, which may change the level of provision to be announced with the full year 2018\/19 results on 30 May 2019.<\/p>\n

\u201cWe will continue to pursue recovery of all amounts due from the operating subsidiary Interserve Construction Limited and will take all the necessary legal and procedural steps to achieve this.\u201d<\/p>\n

Pennon added: \u201cWith our clear strategy of focusing on the UK water and waste<\/a> market, supported by a strong balance sheet, Pennon is well-placed to continue to deliver for customers, communities and shareholders.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Pennon, the owner of water and waste firm Viridor, has taken a \u00a316m hit on its full year profits after the collapse of Interserve.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,673,283,13889],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-54535","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-energy","9":"tag-finance","10":"tag-tilbury-douglas"},"acf":[],"yoast_head":"\nPennon reveals \u00a316m profit hit after Interserve collapse<\/title>\n<meta name=\"description\" content=\"Pennon, the owner of water and waste firm Viridor, 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