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5 Jul 2011 07:00
5 July 2011
TRADING UPDATE
Interserve, the international support services and construction group, today provides a trading update in advance of announcing half-year results on 10 August 2011.
* Trading during the first half in line with expectations
* Strong cash generation
* c. ÂŁ1 billion of contract wins announced to date in 2011
The Group is performing in line with the Board's expectations. Cash generation continues to be strong and operating trends remain consistent with those described in the Interim Management Statement published on 18 May 2011.
We have announced around ÂŁ1 billion (whole-life value) of contract wins to date in 2011. Since the May Interim Management Statement we have signed a four-year total facilities management contract with the Department of Transport, a further three-year framework agreement with CE Electric, construction projects at RAF Brize Norton and Leighton Hospital, a five-year framework agreement with South East Water and several contracts in the UAE with, amongst others, Dubai's Roads and Transport Authority and at Dubai International Airport.
Chief Executive Adrian Ringrose commented,
"We continue to perform well in a challenging environment and reiterate our expectation of stable trading in 2011 compared with 2010. Our market positioning remains strong, both in new business streams, such as the Work Programme with the Department for Work and Pensions, and in existing markets, as illustrated by the extension of our long-standing relationship with the Defence Infrastructure Organisation. We believe that our core global markets of outsourcing and infrastructure offer attractive opportunities, and our strategy remains focused on capturing these to deliver our medium-term growth ambitions at attractive margins."
An electronic copy of this Trading Update will be available to download from the Company's website, www.interserve.com.
For further information please contact:
Adrian Ringrose, Chief Executive 0118 932 0123Tim Haywood, Group Finance Director 0118 932 0123 Matt Jones, Head of Investor Relations 0118 960 2280 Elizabeth Morley / Tom Eckersley, Maitland 020 7379 5151
About Interserve Interserve's vision is to be the Trusted Partner of all our stakeholders. We are one of the world's foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment and facilities management services for society's infrastructure. We are based in the UK, have revenue of ÂŁ1.9 billion and a workforce of 50,000 people worldwide.
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