HALF-YEAR RESULTS ANNOUNCEMENT SIX MONTHS ENDED 30 JUNE 2012
Strong future workload, growing revenues and profits
Interserve, the international support services and construction group, announces its half-year results for the six months ended 30 June 2012.
|
H1 2012 |
H1 2011 |
Change |
|
|
Gross revenue* |
£1,210.1m |
£1,176.9m |
+2.8% |
|
Headline profit* |
£35.7m |
£33.0m |
+8.2% |
|
Profit before tax |
£32.6m |
£30.1m |
+8.3% |
|
Underlying headline earnings per share |
21.3p |
20.5p |
+3.9% |
|
Net debt |
£39.9m |
£35.8m |
+11.5% |
|
Interim dividend |
6.4p |
6.0p |
+6.7% |
Highlights
- First-half gross revenues up 2.8 per cent and headline profit increased 8.2 per cent
- First-half free cash flow generation of £53.9 million (HY 2011: £44.1 million)
- Acquisition of welfare-to-work business for up to £18.25 million and
- £15 million of new investment in PFI portfolio
- Disposal of PFI assets to realise a cash value of £35 million announced in June and completed 3 August
- Interim dividend up 6.7 per cent
Strong future prospects and financial position
- Over £1.4 billion of work won to the end of June 2012
- £1.1 billion of future workload for 2013, within a substantial total future workload of £6.0 billion (FY 2011: £5.6 billion)
- Strong operational cash generation - decrease in net debt to £39.9 million at 30 June 2012 (FY 2011: £44.2 million) after funding new investments.
Chief Executive Adrian Ringrose commented, "We have delivered a good set of results against a backdrop of continuing mixed market conditions. Our ability to offer our clients intelligent solutions is reflected in growing revenues and profits together with an increasing future workload. Support Services generated strong growth accompanied by a robust performance from Construction and a continuing recovery in Equipment Services. Our confidence is demonstrated by the Board's announcement of a further increase in dividend and reiteration of our guidance for stable performance in 2012 compared with 2011."
