Strong performance in Support Services boosts revenue at Interserve

Revenue rose six per cent in the year ended December 31st at international support services and construction group Interserve, helped by a strong performance in Support Services.

The company reported that revenue rose to £1.96bn in 2012 compared to £1.85bn in the previous year.

Headline pre-tax profit rose 7.7% to £78.4m and underlying headline earnings per share jumped 8.0% to 47.2p.

The Support Services division delivered an 11% increase in revenue, with its contribution to total operating profit rising to £48m from £40m in 2011.

The company had net cash of £25.8m at the end of the year.

Interserve further reported that its future workload was up 12.5% to £6.3bn as of December 31st, with £2.7bn of new business work won in the year.

Adrian Ringrose, the Chief Executive Officer of Interserve, said: "2012 was a very good year for Interserve, in mixed market conditions. We grew earnings, generated strong cash flow and made good strategic progress.

"We won over £2.7bn of work during the year, expanding our future workload to £6.3bn. We have confidence in our ability to make further progress in 2013, with further improvements in Support Services' margins, and continued recovery in Equipment Services offsetting soft Construction markets."

Interserve's share price was up 2.28% to 489.90p at 08:08 on Wednesday.

MF