Interserve, the international support services and construction group, has reported a record £8.3 billion future workload with the publication of its half-year results for the six months ended 30 June 2015.
Highlights include 16% revenue growth – up from £1,374.8 million in HY2014 to £1,595.1 million, together with an 11% increase in future workload up to £8.3 billion compared to £7.5 billion in HY 2014. The group has won £2 billion of new business during the HY2015 period alone.
Commenting on its Construction UK division, Interserve said that market demand had continued to strengthen in the period, driving revenue growth of 16 per cent. However, the challenges of the current trading environment, combined with marked supplier cost inflation resulted in margins dipping below the medium term expected range at 1.1 per cent. Although tender pricing is improving and the risks associated with supply chain insolvency and pricing inflation are beginning to recede, Interserve expects margins to remain tight in the short-term.
Chief Executive Adrian Ringrose said:
"We have made good progress in the first half of the year in markets that offer both opportunities and challenges. We have delivered volume growth across the board, and strong profit performances in our Support Services, Equipment Services and International Construction businesses.
“Market conditions in UK Construction have remained challenging although demand continues to strengthen and the expanded future workload is encouraging.”
“Our focus on providing high quality services for both new and existing clients resulted in strong work winning during the period, with our future workload rising 11 per cent over the 12 months to June to stand at a record £8.3 billion.”
“We expect the premium to the National Minimum Wage announced in the recent Budget to have an initial adverse impact on margins in the UK Support Services segment of £10-15 million in 2016, receding over the next few years thereafter as the change is priced in to relevant contracts.”
“However, demand in our main markets continues to strengthen, 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 7.9 pence."
Interserve Chairman Lord Blackwell commented:
While the first half results for the Group are good, margin performance in UK construction was below our medium term expectations due principally to the impact of supply chain volatility and inflation, together with the pressures on contract close-outs in the current challenging contracting environment.
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