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Mature PFI market sees Interserve profit boost

INTERSERVE is reaping the rewards of a Private Finance Initiative market that it believes is now stable and mature, providing long-term earnings underpinned by consistent Government spending.

Interserve has become a specialist in PFI defence, health, education and prison projects in line with its strategy to carry out as much long-term work with repeat clients as possible.

Chief executive Adrian Ringrose said: 'We are not seeing any significant new entrants or big exits in the market.We have built up a track record in PFI and it is now a mature market.'

Preliminary results for the year ending December 31 produced pre-tax profits of £36 million compared to a £2.9 million loss in 2003.

Turnover edged ahead 4.7 per cent to £1.3 billion, up from £1.2 billion a year earlier.