Interserve sees uplift in second half

Services, maintenance and building group Interserve reported an expected drop in half-year profits but said it remains confident that the second half will show a significant uplift on the first half. Adjusted pre-tax profit fell to £30m in the six months ended 30 June, down from £39.3m last year. Panmure Gordon was forecasting first half profit of £25m.Revenue was also lower at £944.5m compared with £951.2m in the same period last year.The interim dividend has been raised to 5.6p from 5.5p, reflecting the group's confidence in its ability to sustain its record of long-term growth and cash generation, Interserve said."Project Services delivered an excellent result, Support Services is making good progress based on moving performance in several key public sector contracts to planned levels of profitability and Equipment Services, after an exceptional 2009, performed creditably in a challenging environment," said Chief Executive Adrian Ringrose."Uncertainties persist in our markets, but we remain confident that the second half will show a significant uplift on the first half and that we have a strong international platform from which to sustain long-term growth at attractive margins."