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Interserve trades well after focus on long-term contracts

Interserve said it is well placed for future growth after continuing to focus on long-term large value contracts.

In a trading update for the past three months Interserve said it has enjoyed particularly strong performances from its Middle East construction and equipment services businesses.

Significant new contracts won during the second half have helped maintain the company’s future workload at the record £6.7 billion level reported at the half-year.

The company said before the end of the year it will pay its £11.6 million fine from the Office of Fair Trading following its investigation into cover pricing.

In a separate announcement today Interserve said it has been selected by Partnerships for Schools for its new £4 billion national contractors framework.

The framework, covers the design and build of academies and other educational facilities throughout England.

There are two separate regions for the framework, North and the Midlands, and London and the South, and Interserve has been selected for both, giving it two places of the 24 awarded.

PfS expects to be able to offer the successful contractors up to £500 million of work for which to bid in the first five months of the framework from November 2009 onwards, with the framework then expected to run for four years.

It will operate in tandem with the current Academies Framework, which will remain in place until December 2010.

Interserve chief executive Adrian Ringrose said: “The National Contractors Framework represents an excellent opportunity to provide outstanding educational facilities across England.

“Interserve has a great deal of experience in planning and building schools at all levels and we look forward to working within the framework to create the kind of learning environments that will enable pupils to excel.”