Improvement in second half fails to stop hefty fall in year-on-year profit
Interserve’s profit fell 28% last year despite an improvement in the second half of the year.
Pre-tax profit was £64.1m for the year ended 31 December compared with £89.2m in 2009. Interserve reported a stronger second half, with pre-tax profit 32% up on H1.
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The support services firm net debt grew by £16.5m to an end of year figure of £53.8m. The increase was attributed to pension deficit funding contributions and acquisitions.
Adrian Ringrose, chief executive of Interserve, commented: “Interserve traded in line with expectations during challenging conditions in 2010. We expect stable trading conditions overall in 2011.”
“Moreover we believe that we have the capability to double earnings per share over five years.”