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Interserve reports £500m of new work since July

Interserve has reported that it has won over £500m in new work since 1 July, while £124.5m was raised from two PFI sell-offs.

In an interim management statement, the firm said the group is performing in line with board expectations, and continues to benefit from “early actions taken to enhance cost-efficiencies”.

Work won in the second half of 2012 includes contracts with the NHS, Ministry of Justice, Department for Education, University of Oxford, English Heritage and Hyundai Engineering.

However, the group recently missed out on a contract to run seven state prisons, after the Ministry of Justice decided to keep three facilities under public management.

Chief Executive Adrian Ringrose said: “The business continues to progress well in mixed market conditions.

“Having unlocked material value from our balance sheet we are now well placed to make further progress in our strategic development.”

The support service and construction firm also reported that its financial position had “materially strengthened” after a PFI sell-off worth £124.5m.

The PFI stakes in University College London Hospital and in a portfolio of 19 investments were sold on 3 August and 12 October, respectively.

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