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Interim Results

Interserve revenues rise

09 August 2017 09:41

Interserve's revenues rose to £1,647.7m in the six months to the end of June - up from £1,632.9m last time.

Headline total operating profit fell to £46.1m and £64.3m and headline profit before tax fell to £36.5m from £55.2m.

The group posted a statutory pre-tax profit of £24.9m against a loss of £33.8m last time.

Chief executive Adrian Ringrose said: "Trading in the first half of the year was mixed.

"In the UK, Support Services delivered robust volume but margins were impacted by a number of anticipated cost headwinds, while in Construction the continuation of a long period of challenging market conditions, coupled with areas of underperformance in operational delivery, resulted in a small loss for the division.

"We expect the restructuring and cost reduction measures we have taken in recent months to benefit both divisions' performance during the second half of the year.

"Internationally, our Construction businesses delivered a strong performance, while Support Services International benefitted from the actions we took on its cost base in the second half of 2016, delivering a profit despite seeing a further drop in volumes.

"In Equipment Services, the updated strategic focus and associated operational initiatives are delivering the anticipated results.

"In our Exited Energy from Waste business we are making progress on all projects. Overall we continue to believe the provision taken in 2016 remains appropriate, although significant risks and uncertainties remain.

"Despite the increased political and macro-economic uncertainty following the UK's EU referendum and recent General Election, our outlook for the current year remains unchanged."

At 9:41am: (LON:IRV) Interserve PLC share price was -5.62p at 217.63p

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