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Press Release

Half-Year Results for the six months to 30 June 2014

by Interserve Press Office | Aug 06, 2014

Strong performance and good strategic progress

Read the highlights below or download the full half-year results.

Interserve, the international support services and construction group, announces its half-year results for the six months ended 30 June 2014.

 

H1 2014

H1 2013

Change

Revenue

£1,374.8m

£1,068.2m

+28.7%

Total operating profit*

Headline pre-tax profit*

£53.7m

£50.2m

£39.5m

£36.8m

+35.9%

+36.4%

Headline earnings per share*

27.5p

21.4p

+28.5%

Interim dividend

7.5p

6.8p

+10.3%

Cash/(net debt)

(£243.1m)

£0.7m

 

Highlights

  • Strong organic growth - 15.4% in total operating profit, 14.5% in earnings per share and 9.1% in revenue
  • Well positioned for future growth with future workload up to £7.5 billion (FY 2013: £6.4 billion) and £2 billion of new contracts secured in the period
  • Long-term funding secured through US$350 million private placement
  • £300 million pension buy-in (completed 1 August) to reduce volatility on around 35% of the Interserve Pension Scheme’s liabilities
  • Acquired businesses performing well and integrations on track
  • Key contract wins with both new and existing clients including the Ministry of Defence, Foreign & Commonwealth Office (France), Education Funding Agency, Mercedes-Benz, Qatar Shell GTL, ExxonMobil, University of Birmingham, Christie NHS Foundation Trust, Doha Festival City (Qatar) and Halliburton (Abu Dhabi).

Chief Executive Adrian Ringrose commented:

"It has been a very good first half of the year for Interserve. We have delivered strong organic growth, achieved through robust performances from our UK Support Services and Construction businesses and excellent results in Equipment Services.

“Market conditions in International Construction and Support Services continue to be highly competitive, although we are now starting to see signs of improving demand.

"Our strong organic growth was complemented by the performance of our acquisitions. Initial Facilities traded in line with our expectations during the period and its integration is progressing smoothly.

"Our financial position remains strong which, together with our growing future workload, underpins the Board's confidence in our positive outlook and the increase in the interim dividend to 7.5 pence."

- Ends -

For further information please contact

Rhys Jones/Robin O’Kelly 0118 960 0123
Interserve

Richard Campbell/Michael Kinirons 0203 219 8816
Capital MSL

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 250 index. We have gross revenues of £3.1 billion and a workforce of over 75,000 people worldwide.

www.interserve.com @interservenews

Contractor of the Year 2014 (Construction News)


*This news release and the Interim Management Report include a number of non-statutory measures to reflect the impact of non-trading and non-recurring items. See note 13 to the condensed consolidated financial statements for a reconciliation of these measures to their statutory equivalents on page 33 and note 8 on page 29 for calculation of earnings per share.

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