14th May 2008 07:00
STRONG TRADING CONTINUES Interim Management Statement
Interserve Plc, the services, maintenance and building group, is holding its Annual General Meeting today and also provides an Interim Management Statement covering the period from 1 January 2008 to date.
Trading has continued in line with our expectations as set out at the time of the preliminary results announcement on 11 March 2008. In the UK we are benefiting from ongoing government expenditure in prioritised sectors such as education, health and custodial, and our pipeline of work in the private sector remains healthy. Our Middle East markets are buoyant and continue to offer opportunities for continued strong growth. We have made excellent progress with Madina, the Qatar-based engineering fabrication and health and safety training group in which the Group acquired a beneficial interest in 2007.
We have continued to win new contracts both in the UK and internationally. We have announced separately today a ‚£140 million contract for our UAE associate company, of which Interserve's share is worth ‚£65 million, to build the infrastructure for the residential and commercial Al Furjan development in Dubai. Notable contracts previously announced are:
* a double win with the Home Office: the confirmation of our five-year, ‚£100 million facilities management (FM) contract and our place on the ‚£200 million fit-out and refurbishment framework agreement; * financial close on the ‚£225 million Pembury Hospital PFI scheme in Tunbridge Wells, Kent, which will be the first NHS acute facility with 100 per cent single, en-suite rooms; * a second PFI school, worth ‚£50 million in construction and FM services, within the Leeds Building Schools for the Future programme; and * a significant contract for Madina to provide training in leadership, supervision, health, safety and the environment for the Pearl Gas-to-Liquids (GTL) project being developed by Qatar Petroleum and Shell, the largest energy project ever launched within the borders of Qatar.
There has been no significant change in the financial position of the Group since the publication of the annual results for the year ended 31 December 2007.
With the position we have developed in promising markets both in the UK and internationally, we are well placed to continue our record of growth. We shall be issuing a trading update on 9 July and will announce our interim results on 13 August 2008.
For further information please contact:
Tim Jones 0118 932 0123
Group Finance Director
Neil Bennett / Elizabeth Morley 020 7379 5151MaitlandAbout Interserve
Interserve Plc (www.interserve.com) is a services, maintenance and building group. It creates buildings and other structures for clients in the public and private sectors, maintains many different types of buildings, the operational systems that support them and a range of plant and equipment in specialist fields, and co-ordinates a host of background services to keep its clients' operations running smoothly and efficiently while they concentrate on their core business. Interserve is based in the UK and is a FTSE 250 company. It employs 26,000 people worldwide and has revenue of ‚£1.7 billion.
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