Interserve wins 700m worth of new work

13th May 2013 08:22

Interserve said it was trading in line with its 2013 guidance after securing more than 700m pounds of new work in the year-to-date. The construction and support services group won work from clients including Alder Hey Children's NHS Foundation Trust, Magnox, Defence Infrastructure Organisation, London Borough of Southwark, Jaguar Land Rover, and the NHS. During the period, the company also transferred £55m of private finance initiative assets into its pension scheme, bringing the total value realised from the portfolio to £179.5m. Around £28m was used to acquire an 85% share in Omani oil and gas services business, TOCO."We have unlocked material value from our balance sheet, reducing the pension deficit and are now seeking to use our strong cash position to invest further in strategically attractive opportunities in growth markets, including oil and gas services, infrastructure and the outsourced provision of public services," Chief Executive, Adrian Ringrose, said. "Against the continuing backdrop of mixed market conditions, I am pleased by the good progress in each of our businesses."Shares climbed 0.73% to 495.90p at 08:36 Monday.RD