Firm’s construction order book hits £1.4bn
Construction and support services firm Interserve has reported its construction division workload rose by almost £400m to £1.4bn last year, on the back of a series of major contract wins.
The firm, which is targeting £1bn turnover from its UK construction division, posted an improved set of results for the division in 2014, with revenue up 21% to £970.7m, up from £802.2m, while operating profit rose to £15.4m, on a margin of 1.6%.
Interserve overall reported a 33% increase in revenue to £3.9bn, up from £2.2bn, while pre-tax profit fell 9% to £61.9m, down from £68.1m.
Interserve also announced that non-executive chairman Lord Blackwell is to step down from the board after ten years in the role.
In a statement Interserve said: “In our construction business we delivered good revenue growth in the UK. Whilst margins have been affected by supply pressures, they remain within our expected range.
“This is a tribute to strong customer relationships and prudent management of the business through the economic cycle. In the Middle East, the business has delivered a solid performance in challenging, albeit improving construction markets.”
Interserve chief executive Adrian Ringrose (pictured) said: “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.”