Financial highlights
Strong future workload up 12.5 per cent to £6.3 billion, as at 31 December 2012 (FY 2011: £5.6 billion) and £2.7 billion of new business won in the year
Strong operational performance: underlying headline EPS up 8.0 per cent and dividend up 7.9 per cent
Three year rolling average operating cash conversion of 116.8 per cent (2011: 155.3 per cent)
Strong net cash position of £25.8 million
Extended and secured long-term banking facilities
Capacity of more than £250 million available to fund strategic growth opportunities
Strategic highlights
Realised £174 million of value from our PFI portfolio of which we have:
a) Invested £67 million, acquiring businesses in growth markets (frontline services, oil and gas)
b) Transferred £55 million into the pension scheme
Organic expansion into new sectors (e.g. energy from waste, justice)
Geographical expansion (e.g. Saudi Arabia, Chile, Panama)
Developed plans for the imminent launch of SustainAbilities to transform our approach to social, environmental, and knowledge sustainability.
Chief Executive Adrian Ringrose commented:
"2012 was a very good year for Interserve, in mixed market conditions. We grew earnings, generated strong cash flow and made good strategic progress.
"We won over £2.7 billion of work during the year, expanding our future workload to £6.3 billion. We have confidence in our ability to make further progress in 2013, with further improvements in Support Services' margins, and continued recovery in Equipment Services offsetting soft Construction markets. Looking further ahead, with good potential in our existing sectors, expansion into new markets and our strong balance sheet, our medium-term growth prospects remain strong."
