Interserve reveals record future workload of £8bn
Interserve’s future workload has increased 26 per cent to a record £8.1 billion following a year of strong growth and strategic progress.
The news comes as the firm’s chairman announced his intention to step down.
Results for the year to year to December 31 2014 show UK construction enjoy revenues of £970.7m compared to £802.2m last time.
Operating profit ticked up to £15.4m from £14.7m while operating margins dipped to 1.6 per cent from 1.8 per cent.
Equipment services was another strongly performing area with the UK a major contributor to a 15 per cent revenue jump across the division to £195.5m where operating profits rose 32 per cent to £26.6m.
Support services is Interserve’s largest division and across the group total revenue rose to £2,913m from £2,193m with headline pre-tax profit increasing to £106.2m from £81.1m.
Interserve also announced non- executive chairman Lord Blackwell is to step down from the role, no later than the 2016 Annual General Meeting, as he approaches ten years at the company.
The search for a new non-executive chairman will be led by Russell King, once he has become Senior Independent Director at the AGM in May 2015.
Chief executive Adrian Ringrose said: “2014 was a landmark year for the business in which we advanced our strategy and delivered 35 per cent operating profit growth including strong organic growth despite continuing challenging conditions in a number of our markets. We made two strategic acquisitions (Initial Facilities and the Employment & Skills Group), each of which deepened our presence in core outsourcing markets.
“Our focus on providing high quality services to both new and existing clients resulted in strong work winning during the year, with our future workload rising 26 per cent to a record £8.1 billion.
“Looking to the future, we are encouraged by the growth potential of the business. Our attractive positioning in our core markets and our ability to identify, invest in and deliver on attractive project and corporate opportunities is a powerful differentiator.”