Debate: Following a share price dive, should we be worried about Interserve’s future? November 15, 2018 Debate: Following a share price dive, should we be worried about Interserve’s future? Yes – John Tizard is an independent strategic adviser. Interserve’s story seems to have some parallels with Carillion. Construction firms appear to find public service outsourcing challenging, with problems caused by clashes in culture and different expectations for margins. Contracts must be [...]
Market jitters post-Carillion collapse hit Interserve shares November 14, 2018 Market jitters over the stability of outsourcing firms following the high-profile collapse of Carillion sent Interserve’s share price plummeting this week. The company’s share price was volatile today after falling to the lowest level in more than 30 years on Monday following a statement from joint venture partner Renewi which revealed that Interserve had experienced [...]
Here are the six (yes, six) reviews the audit sector is currently facing November 14, 2018 As 2018 continues to be the annus horribilis of audit, bean counters are finding that sector reviews are, as the saying goes, like buses. With news this week that MPs are going to launch their own super-inquiry, the sector now faces six reviews. If that seems like more than you’ve got to grips with, here’s a [...]
The pressure is on to fix the broken audit market November 14, 2018 Accountancy may be “an art, not a science”, but there needs to be less “Jackson Pollock”. That’s according to the Labour MP Rachel Reeves, chair of the Business, Energy and Industrial Strategy Select Committee, who has made it her mission to fix the broken audit market. The Big Four firms (PwC, Deloitte, EY, and KPMG) are [...]
Interserve shares collapse by another 20 per cent after hitting 30-year low November 13, 2018 Shares in outsourcing firm Interserve have recovered slightly after a second day of turmoil which saw the price plummet by more than 20 per cent. The price was down to 31.19p this afternoon, from opening at 40.19p, after hitting a 30-year low yesterday. Shares had recovered to 38p after the company issued a statement insisting that its [...]
Beleaguered audit watchdog boss may be forced out within weeks, says senior MP November 13, 2018 Stephen Haddrill, the beleaguered boss of the Financial Reporting Council (FRC) may be forced to resign within weeks after a report into the widely-criticised audit sector regulator is released, a top Labour MP has said. Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Select Committee, said Haddrill, who has announced his intention [...]
Interview: Rachel Reeves drags audit into the light November 13, 2018 Rachel Reeves doesn’t fit the typical mould of a select committee chair. Where her counterparts leverage their positions of parliamentary power to try to forcibly move their party’s position (see Nicky Morgan), or to launch populist crusades to fix society’s ills (see Damian Collins), Reeves has taken a less attention-seeking approach to the chair, and [...]
Interserve shares plunge to lowest level in more than 30 years November 12, 2018 Shares in troubled outsourcing firm Interserve plummeted more than 10 per cent today to the lowest level in more than 30 years. The price dropped from 45.18p to a low of 39.03p today, as the construction and support services giant continued to struggle despite agreeing a rescue deal with lenders in March. The company's finances were [...]
MPs launch inquiry into future of ‘broken’ audit sector November 12, 2018 A powerful parliamentary committee will launch an inquiry into the “broken” audit market today, aimed at ensuring an ongoing competition probe ends the “overwhelming market domination” of the Big Four. Labour MP Rachel Reeves will announce the inquiry – by the Business, Energy and Industrial Strategy (BEIS) Select Committee which she chairs – during a [...]
3i Infrastructure ‘delighted’ as investment portfolio delivers £157m return November 8, 2018 British infrastructure investment fund 3i today hailed a rise in net asset value per share today as its portfolio delivered a return of £157m. The figures The fund's total return rose to £157m for the six months to September, up from £121m for the same period last year. This represents a 9.3 per cent return on its opening [...]