Half-year results for the six months ended 30 June 2010
Trading in line with expectations- Confident of strong second-half performance
- Interim dividend up 1.8%
Interserve, the international services, maintenance and building group, announces its half-year results for the six months ended 30 June 2010.
| H1 2010 | H1 2009 | |
|---|---|---|
| Revenue | £944.5m | £951.2m |
| Headline profit1 | £30.0m | £39.3m |
| Profit before tax | £27.3m | £40.0m |
| Headline earnings per share2 | 17.5p | 23.1p |
| Basic earnings per share | 15.9p | 24.2p |
| Net debt | £53.1m | £85.1m |
| Interim dividend | 5.6p | 5.5p |
Chief Executive Adrian Ringrose commented,
“Trading in the half-year was in line with the Board’s expectations. Project Services delivered an excellent result, Support Services is making good progress based on moving performance in several key public sector contracts to planned levels of profitability and Equipment Services, after an exceptional 2009, performed creditably in a challenging environment.
Uncertainties persist in our markets, but we remain confident that the second half will show a significant uplift on the first half and that we have a strong international platform from which to sustain long-term growth at attractive margins. Consequently, the Board is continuing with its progressive dividend policy.”
– Ends –
For further information please contact:
Adrian Ringrose, Chief Executive 0118 932 0123
Tim Jones, Group Finance Director 0118 932 0123
Matt Jones, Head of Investor Relations 0118 960 2280
Neil Bennett, Maitland 020 7379 5151
1Headline profit comprises profit before taxation of £27.3m (H1 2009: £40.0m) adjusted for the impact of (£2.5m) amortisation of intangible assets (H1 2009: (£2.5m)); (£0.2m) amortisation of intangible assets (associates) (H1 2009: £0.2m); and £nil exceptional items (H1 2009: £3.4m)).
2Headline earnings per share are based on Headline profit as defined in note 1 above (see also note 6 to the unaudited condensed financial statements).
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