The announcement comes with the publication this morning of Interserve’s latest Trading Update in advance of its annual results announcement on 29 February 2012.
The Group said it was performing well and taking advantage of new opportunities, with trading, underlying EPS and cash generation in line with expectations.
Interserve said its Support Services division had continued to deliver significant profit growth, on broadly stable volumes, as a result of its “far-reaching margin enhancement programme”.
It described performance in its Construction division as resilient, although impacted by margin pressures and increased competition due to the current economic environment.
Overall trading in Equipment Services is starting to recover, with strong performance in Australasia, the Pacific Rim and Saudi Arabia helping to counteract the impact of the Arab Spring and cyclical weaknesses elsewhere.
Chief Executive Adrian Ringrose commented:
“We are performing well and are identifying and capturing a number of new opportunities. Our focus on long-term relationships continues to be rewarded with contract wins across a variety of sectors, geographies and business streams.
“Looking forward, we anticipate that increasing pressure on UK public sector spending will provide us with further outsourcing opportunities, helping to offset a reduction in construction activity. Internationally we are well positioned both to grow our existing businesses and to expand the range of our offerings in some of the world’s fastest-growing economies.”
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