For the six months to 30 June 2011, Interserve had total revenues of 拢928.0m, down 1.7% on the 拢944.5m made in the first half of 2010. Profit before tax was up 10.3% to 拢30.1m (2010 H1: 拢27.3m).
Progress was made in reducing debt and pension liabilities. Net debt reduced to 拢35.8m at 30 June 2011 from 拢53.1m a year earlier. Pension deficit (net of taxation) was sliced from 拢75.8m to 拢22.1m.
The Support Services division reported revenue of 拢538.0m (2010 H1: 拢538.2m), with operating profit up 76% to 拢15.7m (2010 H1: 拢8.9m). The operating margin improved from 1.7% to 2.9%.
In Construction, revenue (including share of associates) was down 5.5% to 拢484.1m (2010 H1:拢512.4m). Operating profit was down 6.4% to 拢10.2m (2010 H1: 拢10.9m), with margins sliding from 10.3% to 8.9%
Equipment Services (formwork and falsework) saw revenue rise 8.6% to 拢74.3m (2010 H1: 拢68.4m) but operating profit fall 23% to 拢5.9m (2010 H1: 拢7.7m). The Middle East is an important region for this division and trading was impacted by Arab Spring uprisings, the company said.
Chief Executive Adrian Ringrose said: "Interserve has performed well, delivering headline profit growth despite challenging market conditions. Support Services generated strong growth, which, accompanied by a robust performance from Construction, more than offset the ongoing cyclical pressures in Equipment Services.
"Encouraged by the progress achieved in the first six months of the year and a growing bid portfolio, we maintain our guidance for 2011 and reiterate our belief that we have the capability to double earnings per share over five years."
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