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Public sector contracts help to bolster Interserve

Services, maintenance and building group Interserve said it would meet market expectations in a statement ahead of preliminary results, which are due on 11 March, 2009.

The Group said an emphasis on public sector contracts and contract wins overseas in emerging markets such as Qatar helped it to boost performance.

Interserve said it was winning new business in central and local government, education and health, but acknowledged that trading conditions in some private sector markets had become more challenging.

The Group indicated that 67 per cent of its revenues come from the public and privatised sectors, and bragged that it had already secured work amounting to 66 per cent of anticipated 2009 revenues (compared to last year’s figure of 61 per cent). Its international businesses generated 45 per cent of the Group's profits.

The company was helped by the announcement of a number of recent contract wins. It is one of four participants on a framework contract for Mapeley, worth around £70 million to Interserve.

In Qatar, its largest market in the Middle East, Gulf Contracting, its associate, secured a £65 million contract to build facilities associated with tanker-maintenance infrastructure.

In addition, the Derry schools PFI contract in Northern Ireland reached financial close adding £20 million in facilities management revenues.