27 February 2013
STRONG PERFORMANCE AND GOOD STRATEGIC PROGRESS
Annual Results 2012
Interserve, the international support services and construction group, reports a strong performance with its annual results for the year ended 31 December 2012. 2012 Revenue Headline pre-tax profit* Profit before tax Underlying Headline earnings per share* Net cash / (debt) Full-year dividend Financial highlights Strong future workload up 12.5 per cent to £6.3 billion, as at 31 December 2012 (FY 2011: £5.6 billion) and £2.7 billion of new business won in the year Strong operational performance: underlying headline EPS up 8.0 per cent and dividend up 7.9 per cent Three year rolling average operating cash conversion of 116.8 per cent (2011: 155.3 per cent) Strong net cash position of £25.8 million Extended and secured long-term banking facilities Capacity of more than £250 million available to fund strategic growth opportunities £1,958.4m £78.4m £182.9m 47.2p £25.8m 20.5p 2011 £1,847.5m £72.8m £67.1m 43.7p £(44.2)m 19.0p +7.9% +6.0% +7.7% +172.6% +8.0%
Strategic highlights Realised £174 million of value from our PFI portfolio of which we have: a) Invested £67 million, acquiring businesses in growth markets (frontline services, oil and gas) b) Transferred £55 million into the pension scheme Organic expansion into new sectors (e.g. energy from waste, justice) Geographical expansion (e.g. Saudi Arabia, Chile, Panama) Developed plans for the imminent launch of SustainAbilities to transform our approach to social, environmental, and knowledge sustainability.
INTERSERVE ANNUAL RESULTS 2012
Chief Executive Adrian Ringrose commented:
“2012 was a very good year for Interserve, in mixed market conditions. We grew earnings, generated strong cash flow and made good strategic progress. “We won over £2.7 billion of work during the year, expanding our future workload to £6.3 billion. We have confidence in our ability to make further progress in 2013, with further improvements in Support Services’ margins, and continued recovery in Equipment Services offsetting soft Construction markets. Looking further ahead, with good potential in our existing sectors, expansion into new markets and our strong balance sheet, our medium-term growth prospects remain strong.” – Ends – For further information please contact: Matt Hickman, Investor Relations Manager Robin O’Kelly, Director of Communications Richard Campbell / Ian Brown, Capital MSL 0118 960 2280 0118 960 2313 0207 307 5334
About Interserve Interserve's vision is to redefine the future for people and places. We are one of the world’s foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment, facilities management and frontline public services. Interserve is based in the UK and is listed in the FTSE 250 index. We have gross revenue of £2.3 billion and a workforce of over 50,000 people worldwide. Website: www.interserve.com. * This news release, the Chairman’s Statement, the Strategic Overview, the Operational and Financial reviews include a number of non-statutory measures to reflect the impact of non-trading and non-recurring items. See note 16 to the consolidated financial statements for a reconciliation of these measures to their statutory equivalents and note 9 for calculation of earnings per share.
INTERSERVE ANNUAL RESULTS 2012 Chairman’s Statement
In 2011 we outlined our strategy designed to transform the business, delivering growth and shareholder value with a bold aspiration to double headline earnings per share by 2015. 2012 has been a watershed year in this evolution. While economic headwinds have been tougher and more enduring than most of us expected I am encouraged by the progress we have made in delivering our strategy. In addition to achieving strong organic growth in mixed economic conditions, we...