Services, maintenance and building company Interserve Plc (IRV.L) said Monday in an interim management statement that trading is in line with the board's expectations for the period July 1, 2009 to date, benefiting from strong performances in Middle East construction and equipment services segments, combined with ongoing stability in public and utilities sectors in the UK. Separately, the company announced that it has won a place on new GBP 4 billion partnerships for schools, or PfS, national contractors' framework.
The company said it looks ahead to deliver robust near-term performance and future growth in view of future workload and a broad range of high-quality opportunities in its markets.
In facilities management services segment, Interserve noted that demand remains strong in public and utilities sectors. In the previous year, the company had said that it had been highly successful in winning a number of notable public sector outsourcing contracts, mobilisation of which has necessitated significant investment in operating costs and infrastructure.
Market conditions in specialist services division remains challenging, and action taken earlier in the year to restructure cost base is on course to contribute to an improved second-half performance, Interserve stated.
In project services, the company added that businesses in the Middle East have continued to deliver strong results across a region. In equipment services, Interserve noted that the Middle East is the primary driver of an excellent overall performance, with Australasia also delivering a robust contribution to divisional total.
In a separate press release, the Reading, Berkshire-based company said it has won a place on new GBP 4 billion Partnerships for Schools' national Contractors' Framework, which covers the design and build of academies and other educational facilities throughout England.
Interserve stated that there are two separate regions for framework, North and the Midlands, and London and the South. The company has been selected for both, giving it two places of 24 awarded.
PfS anticipates to offer the successful contractors up to GBP 500 million of work for which to bid in the first five months of the framework from November 2009 onwards, with the framework then estimated to run for four years. Interserve will operate in tandem with the current academies framework, which will remain in place until December 2010.
Local authorities, presently engaged in BSF program, will continue to procure academies through local education partnerships in the same way as other educational facilities, Interserve added.
IRV is currently trading on the London Stock Exchange at 233.40 pence per share down 2.30 pence or 0.98% on a volume of 139,376 shares. For the past 52-week period, the shares have been trading in a range of 155.00 pence to 270.80 pence.
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