13 May 2013 07:00
News Release
13 May 2013
INTERIM MANAGEMENT STATEMENT
Interserve, the international support services and construction group, is issuing its Interim Management Statement covering the period from 1 January 2013 to date.
Highlights
·; Trading well during the period, in line with our guidance for 2013
·; More than £700m of new work won in the first quarter, underpinning excellent revenue visibility
·; Completed the transfer of £55m of PFI assets into the pension scheme
·; Acquired an Omani oil and gas services business, TOCO, for c. £28m
Chief Executive Adrian Ringrose commented,
"We have unlocked material value from our balance sheet, reducing the pension deficit and are now seeking to use our strong cash position to invest further in strategically attractive opportunities in growth markets, including oil and gas services, infrastructure and the outsourced provision of public services. Against the continuing backdrop of mixed market conditions, I am pleased by the good progress in each of our businesses."
Trading Performance
The Group continues to perform in line with the Board's expectations. We have won significant contracts from new and existing clients and continue to invest to drive efficiency gains and facilitate organic growth.
During the period we have won over £700m of work from clients including Alder Hey Children's NHS Foundation Trust, Magnox, Defence Infrastructure Organisation, London Borough of Southwark, Jaguar Land Rover, NHS, Viridor, Charter Academy, Bright Start LLC, Meraas, The Government of Fujairah, Chalhoub, Occidental of Oman Inc. and Habib bank.
There is no material change in our financial position from that reported as at 31 December 2012.
Acquisitions and disposals
Following the EGM on 7 January, £55m of PFI assets was transferred into the pension scheme bringing the total value realised from this portfolio to £179.5m. Approximately £28m has been used to acquire an 85% share in an Omani oil and gas services business, TOCO.
For further information please contact:
Robin O'Kelly, Director of Communications 0118 960 2313
Richard Campbell / Ian Brown, Capital MSL 0207 307 5334
About Interserve
Interserve's vision is to redefine the future for people and places. It is one of the world's foremost support services and construction companies, operating in the public and private sectors in the UK and internationally, offering advice, design, construction, equipment and facilities management and front-line services. Interserve is based in the UK and is listed in the FTSE 250 index. The Group employs some 50,000 people worldwide and in 2012 generated gross revenue of £2.3 billion.
www.interserve.com
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