Interserve, the international support services and construction group, is issuing its Interim Management Statement covering the period from 1 July 2012 to date.
Highlights
- Trading during the period inline with the Board's expectations, reiterating our guidance for 2012
- More than £500m of new work won, underpinning excellent revenue visibility
- £124.5m cash received from the sale of PFI investments
Chief Executive Adrian Ringrose commented,
"The business continues to progress well in mixed market conditions. Having unlocked material value from our balance sheet we are now well placed to make further progress in our strategic development."
Trading Performance
The Group continues to perform inline with the Board's expectations. We have won further significant contracts from new and existing clients and continue to benefit from early actions taken to enhance cost-efficiencies.
During the second half of the year we have won over £500m of work from clients including NHS, Viridor, Scottish Power Networks, Ministry of Justice, Department for Education, University of Oxford, English Heritage, Northern Powergrid, Malmaison Hotels, West Yorkshire Police Authority, Arabian Industries, Hyundai Engineering, Etihad Airways, and UAE Roads and Transport Authority.
PFI divestments
On 3rd of August and 12th October we disposed, respectively, of half our stake in UCLH and a minority stake in a portfolio comprised of 19 investments. Cash consideration for these transactions, now received, totalled £124.5m.
Financial position
Following the PFI divestments, the business' financial position has materially strengthened from that reported in the half-year report at 30th June.
