14 Nov 2016 14:16
News Release
14 November 2016
Trading Update
Interserve, the international support services and construction group, today provides an update on current trading for the first ten months of the year and reiterates existing guidance for full year 2016 performance.
Trading remains in line and expectations for the overall performance and cash delivery of the Group are unchanged.
Within this overall performance, the continuing challenges of the UK construction market and the impact of slightly lower activity levels in public sector outsourcing are expected to be offset by stronger international construction and equipment services results.
Progress on contracts within our exited Energy from Waste business is in line with previous guidance, although significant risks still remain. The cash profile of work on these contracts has changed during the last few months, as we have sought to minimise overall risks by accelerating certain supply chain payments. This is expected to be offset by working capital management throughout the rest of the Group to maintain year end net debt at the previously guided levels of £300m-£320m.
We will provide a close period update on trading and year end net debt levels in mid January 2017.
This announcement contains inside information.
For further information please contact:
Robin O'Kelly, Group Director of Communications +44 (0) 7786 702526
Richard Campbell/Michael Kinirons, CNC Communications +44 (0) 203 219 8816
About Interserve
Interserve is one of the world's foremost support services and construction companies. Our vision is to redefine the future for people and places. Everything we do is shaped by our core values. We are a successful, growing, international business: a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK and listed in the FTSE. We have gross revenues of £3.6 billion and a workforce of circa 80,000 people worldwide.
www.interserve.com
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