Interserve shares show signs of recovery as new finance director is appointed

 
Lucy White
Berlin Construction Site
Mark Whiteling has been appointed chief financial officer (Source: Getty)

After Interserve's monumental share price crash last week, which wiped more than £116m from its market cap, the support services and construction company has finally begun to recover.

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The ray of light came as Mark Whiteling was appointed chief financial officer. Whiteling is non-executive director of business-to-business services company Hogg Robinson Group and distribution business Connect Group, and will serve alongside chief executive Debbie White who took up her role at the beginnng of the month.

“Following the appointment of Debbie White as CEO, Mark's appointment is the next step in strengthening our top team to lead the transformation of Interserve,” said the company's chairman Glyn Barker.

Whiteling has also held deputy and interim chief executive and chief financial officer roles in technology distributor Premier Farnell, and was finance director of customer communication business Communisis and group finance director of logistics group Tibbett & Britten.

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Interserve's shares plummeted last Thursday after delivering a profit warning, which mirrored the problems blighting others in the support services space.

It described July and August trading as “disappointing”, and admitted the cost of exiting its troublesome waste management contracts were soaring and were to “significantly exceed” the £160m previously guided.

Earlier this summer, rival contractor Carillion grappled to gain control of its finances after revealing an £845m hole in its contracts in July and the departure of its chief executive. The firm's shares are now worth less than a fifth of their value at the start of the year.

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