Interserve Plc, the services, maintenance and building group, announced today that the Group has performed well, backed by “excellent cash generation”. The trading update, which comes in advance of its annual results announcement on 10 March 2010, includes details of new contract wins totalling over £350 million.
The company said strong performances from the Group's international construction and equipment services businesses, combined with stability in the UK public and utilities sectors, have offset challenging market conditions in the UK private sector.
However, the Group is continuing to take action to reduce its cost base where necessary and retains its focus on cash generation in what is expected to remain a difficult economic environment.
Since the November interim management statement Interserve has won a number of contracts across a range of sectors with a combined value of over £350 million, including awards in both the UK and Middle East.
Interserve ‘s major wins in the UK water sector included the finalisation of a £60 million contract with Thames Water to construct new facilities and upgrade existing works at their Riverside sludge digestion plant, and its appointment as a preferred bidder as part of the KMI Plus joint venture on a major £70 million project in Preston for United Utilities to design and construct new storm water tunnels.
The company said that its UK strategy of focusing on long-term work streams emanating from framework agreements awarded in the public and utilities sectors had led to a good performance, with both revenue and profits ahead of the prior year.
In November 2009 the Group announced the transfer of its interests in 13 PFI investments to the Interserve Pension Scheme which reduced a funding shortfall in the Scheme by £61.5 million.
The trading statement said:"The work-winning in the period has contributed to a healthy future workload that contains £1.7 billion of work for 2010. With the strong revenue visibility afforded by this workload, a balanced business mix, and the ability to explore and develop new markets the Board continues to believe that the Group is well placed to deliver resilient near-term performance and sustain long-term growth”.
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