International building and maintenance group Interserve PLC recently announced it won several new contracts worth more than £350 million in 2009, with a total of £90 million worth of contracts coming from the Middle East alone.
This clearly demonstrates the company’s ability to manage successfully through difficult market conditions following the actions taken during 2009.
According to the report, the Interserve has been awarded a new five year contract to service Shell’s ‘gas-to-liquids’ facility in Ras Laffan, worth £30 million. Elsewhere in Qatar, the contractor will design and construct two energy centres to power a new ‘Education City’ outside Doha in a contract worth US$40 million. In Oman, Interserve will design and construct two buildings for Al Hosn Investments, for a combined value of £20 million.
In terms of its financial performance, the company achieved excellent cash generation through the year, due to early actions to reduce capital expenditure and by realising value from its PFI portfolio. Consequently net debt improved from the first half of the year. In the second half of 2009, Interserve said its funding position improved and it retains committed facilities of £250 million, which expire in or after 2011.
Looking ahead, the building and facilities management contractor has a healthy future workload, with £1.7 billion in contracted work scheduled for 2010. As a result of this strong revenue visibility, the Board continues to believe it is well placed to deliver resilient near-term performance and sustain long-term growth.
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