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Interserve takes £700m in Q1 contracts

Interserve has won more than £700m of new work in Q1 2013 from clients including Jaguar Land Rover and Magnox.

Interserve said in its interim management statement that it had won “significant contracts from new and existing clients” and that it continues to invest to drive efficiency gains and facilitate organic growth, as it announced trading is in line with guidance to-date this year.

Chief Executive Adrian Ringrose said: “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.

“Against the continuing backdrop of mixed market conditions, I am pleased by the good progress in each of our businesses.”

The firm lost out - as part of the Horizon joint venture - to Carillion earlier this month on the £335m Royal Liverpool hospital.

However it has won work in Q1 from clients including Alder Hey Children’s NHS Foundation Trust, Magnox, the Defence Infrastructure Organisation and Jaguar Land Rover.

Following its EGM on 7 January, £55m of PFI assets was transferred into the pension scheme bringing the total value realised from this portfolio to £179.5m.

Around £28m was used to acquire an 85 per cent share in an Omani oil and gas services business, TOCO.

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