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Encouraging results for Interserve

Interserve has announced its half year results for the first six months of 2016. They show a gross operating cash flow of £128.3 million and a reduction of net debt to £275.6 million, down from £308.8 million from he same period last year.

During the six month window Interserve won £1.9 billion of new business including contract wins and extensions with the Home Office, East Midlands Trains and Hitachi.

The company has also announced its intention to move away from Energy from Waste.

Chief executive Adrian Ringrose commented:

“Trading in the first half of the year, across the vast majority of our divisions and our regions, has been good, in markets that offer both opportunities and challenges. We delivered a strong cash performance and grew revenue and Headline operating profit.

“We are taking action to exit the Energy from Waste sector. Our assessment of the aggregate impact of exiting this sector is in line with the £70 million exceptional charge we announced in May.

“Despite the increased political and macro-economic uncertainty following the UK’s EU referendum, our outlook for the current year remains unchanged. This, together with our significantly improved cash flow and healthy future workload, underpins the Board’s confidence in our prospects and a further increase in the interim dividend.”

 

 

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