Company says pressure on construction was balanced by improvements in support services
Support-services and construction group Interserve has seen its headline pre-tax profit increase 4.6% to £72.8m according to its final results for 2011.
The company said gross revenue was £2.320bn, up 0.2% from 2010’s figure of £2.315bn.
Chief executive Adrian Ringrose said 2011 had seen the company grow earnings, generate strong cashflow and make good strategic progress in entering new markets.
He said Interserve had won £2bn of work during the year, expanding its future workload to £5.6bn and anticipated stable trading for 2012 with pressure on construction balanced by further improvements in support services.
“We made further excellent advances in increasing the margins in support services and are on track to reach our target for the division of 5% by the end of 2013,” he said.
“Construction has done well both in the UK and internationally in a tough market where margin pressure and increased competition have had an effect.
“Equipment services is emerging from the bottom of the cycle in good shape, improving margins and making a good return on capital.”