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IRV Construction (IRV)     

Balerboy - 11 Jan 2011 11:57

This company seems to be getting good size orders, pays dividend and sp climbing.

Company website
Financial report 2010




Interserve, the international support services and construction group, today
provides an update on trading in advance of its annual results announcement on
9 March 2011, including contract wins worth around 0.5 billion.


* Strong second half, trading in line with expectations

* Further contract wins across key sectors and geographies

* Strong cash performance

Trading Performance

Overall, trading is in line with the Board's expectations, delivering a
stronger performance in the second half of the year as compared to the first
half. Despite the near-term public sector spending environment the Group
benefitted from good progress achieved in the Support Services margin
enhancement programme and excellent trading in Project Services.

The Group secured over 1.5 billion of new work in 2010, contributing to a
future workload of over 5 billion, of which around 1.5 billion relates to

Contract Wins

In recent months Interserve has won a number of contracts in the UK and across
the Middle East with a combined value of around 0.5 billion, including:

* UK:

- School construction and facilities management contracts with St Helens
Council and Sandwell Metropolitan Borough Council, with a combined
whole-life value of around 170 million;

- Two major hospital development contracts in Birmingham and Cardiff worth
55 million;

- Selection as one of the contractors on the 1.5 billion Northumbrian Water
framework contract;

- Private sector support services contracts across the commercial, industrial
and power sectors worth around 36 million (including contracts with
William Hill, BNY Mellon and Alstom);

* Middle East:

- Construction contracts in Doha in the education and commercial sectors
worth around 68 million;

- Three multi-year petrochemical services contracts in Qatar with RasGas,
Total and QVC, with a combined whole-life value of over 30 million;

- A fit-out contract at the Sofitel Resort Palm Jumeirah hotel in Dubai worth
around 30 million;

- Road improvement contracts in the northern emirates of the UAE worth around
18 million;

- Construction contracts in Oman in the power and petrochemical sectors worth
20 million;

- A three-year services contract with the UK Ministry of Defence at Musanah
air base near Muscat.

Support Services

Support Services has advanced significantly in the second half as compared to
the first half due in large part to the good progress made in improving
profitability in our outsourcing operations. Consequently, there has been a
marked improvement in the division's operating margin during the second half.

We continue to engage in constructive discussions with the UK government on how
we can support its cost-savings programme. As previously anticipated, whilst
this process may result in some near-term volume pressure it is leading to a
streamlining of procurement processes which, given the division's substantial
future workload of around 4 billion (with 0.7 billion relating to 2011) and a
healthy opportunity pipeline, is expected to drive growth in the coming years.

Project Services

The division has delivered excellent above-trend results, both in the UK and
Middle East, as we executed the significant contract portfolio developed in
recent years.

International future workload remains robust and recent contract awards in
Qatar, the UAE and Oman help provide solid revenue visibility for 2011. Future
workload in the UK amounts to some 1 billion, of which over 0.5 billion
relates to 2011. We are continuing to target new sectors, such as energy and
retail, in order to mitigate to some extent challenging near-term market

Equipment Services

The division has continued to experience cyclical weakness in infrastructure
spending in most of its markets. In particular, there was a pronounced slowdown
in work in the UAE as compared to the buoyant activity levels we experienced in
2009, although in recent weeks there have been encouraging signs of a pick-up
in market activity in Abu Dhabi. Our Australian business has continued to trade
well during 2010 and our new operation in Saudi Arabia, where the market
opportunity remains exciting, is gaining momentum.

PFI Investments

Following the financial close of the St Helen's schools programme in December
the Group now manages a portfolio of 21 financially-closed projects, of which
13 are operational. These assets represent a significant investment commitment
of more than 50 million, around half of which has already been paid.

Financial Position

Cash conversion in the second half has been strong, resulting in a net debt
position similar to 30 June 2010 (net debt: 53.1 million). This has been
achieved even after allowing for acquisitions in the US and India in the second
half, totalling some 27 million.

With committed facilities in place until late 2013 of 250 million, the Group
has a strong financial position with significant capacity to drive further


We anticipate that trading conditions in 2011 will be stable compared with
2010. We expect our margin enhancement programme in Support Services to
continue to deliver improving performance which, in combination with a
resumption of growth in Equipment Services, should mitigate our expectations of
tougher trading conditions for Project Services following its strong
performance in 2010.

During 2010 the Group extended its already significant international reach, via
investments in a construction business in India, a services company in Oman and
an equipment services business in the USA and we now have operations in 30
countries. In the UK we expect substantial opportunities in the coming years as
the government seeks to effect structural changes in public service delivery
and social infrastructure investment.

Accordingly, despite the uncertainties around the near-term impact of changes
to UK public expenditure plans, our substantial future workload; our
international footprint and opportunities in UK outsourcing, continue to
provide a platform for long-term growth at attractive margins.

skinny - 08 Mar 2011 14:47 - 2 of 94

Results tomorrow and I was considering adding here. Blackrock have just increased their short and now hold a 3.46% short position and a 2.39% long! I may wait for the mouchel/costain/interserve triangle is resolved. Still yielding 7%+

Balerboy - 08 Mar 2011 16:08 - 3 of 94

I got out at 266p and used funds else where.

skinny - 08 Mar 2011 16:16 - 4 of 94

Not a bad thing! I bought in the summer av @2 mainly for the yield as they are in a SIPP. They seem to be ticking up into the close but I think I will hold fire. Others I've looked at/bought with a similar mentality are JLIF, HICL and MKLW.

skinny - 09 Mar 2011 11:08 - 5 of 94

Final Results.

Interserve, the international support services and construction group, reports
a strong second-half performance within its annual results for the year ended
31 December 2010, with significant opportunities for growth in a number of
markets both in the UK and internationally.

skinny - 29 Mar 2011 10:19 - 6 of 94

THE MCHL/COST/IRV game seems over.

skinny - 11 May 2011 17:00 - 7 of 94

Testing recent highs.


Balerboy - 11 May 2011 21:50 - 8 of 94

Didn't have funds available to get back in at the low.

skinny - 18 May 2011 07:12 - 9 of 94

Interim Management Statement.


* Trading during the period in line with expectations

* Contract wins totalling over GBP400 million

* Excellent revenue visibility: c. GBP1.8 billion(1) for 2011, c. GBP1.0 billion(1)
for 2012

* Strong cash generation, further progress on net debt with current position
below year-end 2010

skinny - 18 May 2011 08:09 - 10 of 94

That will be 3 quid and still yielding over 6%.

skinny - 14 Jun 2011 16:27 - 11 of 94

Excellent candle today.


Balerboy - 14 Jun 2011 19:29 - 12 of 94

Looks a pretty solid chart skinny....stay with it, 300p broken and hope it holds for you.,. GL

skinny - 05 Jul 2011 07:11 - 13 of 94

Trading Statement.


Interserve, the international support services and construction group, today
provides a trading update in advance of announcing half-year results on 10
August 2011.

* Trading during the first half in line with expectations

* Strong cash generation

* c. GBP1 billion of contract wins announced to date in 2011

The Group is performing in line with the Board's expectations. Cash generation
continues to be strong and operating trends remain consistent with those
described in the Interim Management Statement published on 18 May 2011.

We have announced around GBP1 billion (whole-life value) of contract wins to date
in 2011. Since the May Interim Management Statement we have signed a four-year
total facilities management contract with the Department of Transport, a
further three-year framework agreement with CE Electric, construction projects
at RAF Brize Norton and Leighton Hospital, a five-year framework agreement with
South East Water and several contracts in the UAE with, amongst others, Dubai's
Roads and Transport Authority and at Dubai International Airport.

Chief Executive Adrian Ringrose commented,

"We continue to perform well in a challenging environment and reiterate our
expectation of stable trading in 2011 compared with 2010. Our market
positioning remains strong, both in new business streams, such as the Work
Programme with the Department for Work and Pensions, and in existing markets,
as illustrated by the extension of our long-standing relationship with the
Defence Infrastructure Organisation. We believe that our core global markets of
outsourcing and infrastructure offer attractive opportunities, and our strategy
remains focused on capturing these to deliver our medium-term growth ambitions
at attractive margins."

An electronic copy of this Trading Update will be available to download from
the Company's website,

skinny - 27 Jul 2011 08:36 - 14 of 94

Something afoot up 8% - I can't find any rumours!


skinny - 27 Jul 2011 09:39 - 15 of 94

27 July 2011

Interserve Plc

Notice of Half-Year 2011 Results and Analyst Presentation

Interserve, the international support services and construction group,
announces that its half-year results for the six months ended 30 June 2011 will
be published on Wednesday 10 August 2011.

There will be a presentation to analysts to discuss these results at 09:00 on
10 August 2011. This presentation will be available live via webcast, in
listen-only mode. To register for and access the live audio webcast, investors
are directed towards the investors section of Interserve's website,

About Interserve

Interserve's vision is to be The Trusted Partner of all our stakeholders. 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 and facilities management
services for society's infrastructure. We are based in the UK, have revenue of
GBP1.9 billion and a workforce of 50,000 people worldwide.

For further information please contact:

Matt Jones, Head of Investor Relations 0118 960 2280

Liz Morley / Tom Eckersley, Maitland 020 7379 5151


skinny - 10 Aug 2011 10:30 - 16 of 94

And here they are Half Yearly Report.

H1 2011 H1 2010 Change

Revenue 928.0m 944.5m (1.7)%

Headline profit * 33.0m 30.0m +10.0%

Profit before tax 30.1m 27.3m +10.3%

Headline earnings per share * 22.8p 17.5p +30.3%

Basic earnings per share 21.2p 15.9p +33.3%

Net debt 35.8m 53.1m (32.6)%

Interim dividend 6.0p 5.6p +7.1%

skinny - 10 Jan 2012 07:46 - 17 of 94


Performing well and capturing new opportunities

Interserve, the international support services and construction group, today
provides a trading update in advance of its annual results announcement on 29
February 2012.

* Trading, underlying EPS and cash generation in line with expectations

* Headline EPS further enhanced by the benefit of tax settlement

* GBP0.4 billion new contracts announced today, taking total of major contract
announcements over last 12 months to GBP1.9 billion

The Group's performance remains in line with the Board's expectations and with
the guidance given in the Interim Management Statement published on 14 November
2011. Support Services has continued to deliver significant profit growth, on
broadly stable volumes, as a result of our far-reaching margin enhancement
programme. As previously noted, performance in Construction has been resilient,
although impacted by margin pressures and increased competition in the current
economic environment. Overall trading in Equipment Services is starting to
recover, with strong performance in Australasia, the Pacific Rim and Saudi
Arabia helping to counteract the impact of the Arab Spring and cyclical
weaknesses elsewhere.

Since our last announcement we have won a further GBP0.4 billion of contracts,
taking the total of major contract wins over the last 12 months to GBP1.9
billion. These include:

* West Yorkshire Police: chosen, in consortium, as successful bidder for the
construction of two new divisional headquarters, custody suites and a
specialist operational training facility (incorporating firearms ranges and
public-order and driver training facilities), and the provision of FM
services for 25 years thereafter.

* Daewoo, Oman: infrastructure for a new 2,000MW power station in Sur for the
Oman Power and Water Procurement Company.

* Qatar Shell GTL: we have won a place on a three-year Plant Change
Construction Services framework agreement, with a two-year extension
option, to undertake services on the world's largest gas-to-liquid
processing facility in Qatar.

* NHS Wales: we have won places on all three regional construction framework
agreements in the Designed for Life: Building for Wales 2 programme, which
lasts for four years plus a possible two-year extension.

* Preferred bidder for a cross-departmental contract (Department for
Education, Department for Communities and Local Government, Ofqual and
Queen Elizabeth II Conference Centre) to provide facilities management (FM)
services for a five-year period with a possible two-year extension.

* Leeds City Council: financial close on the Holt Park wellbeing centre. We
will build the facility and provide FM services for 25 years thereafter.

In addition we are pleased to announce that we have been selected by the
Ministry of Justice in its new framework for the provision of custodial
services across the prison estate. This framework is integral to the
government's strategy of opening up Offender Services to competition and
represents a significant potential new business stream for Interserve.

Chief Executive Adrian Ringrose commented, "We are performing well and are
identifying and capturing a number of new opportunities. Our focus on long-term
relationships continues to be rewarded with contract wins across a variety of
sectors, geographies and business streams.

"Looking forward, we anticipate that increasing pressure on UK public sector
spending will provide us with further outsourcing opportunities, helping to
offset a reduction in construction activity. Internationally we are well
positioned both to grow our existing businesses and to expand the range of our
offerings in some of the world's fastest-growing economies."

- Ends -

skinny - 29 Feb 2012 07:06 - 18 of 94

Final Results.

Strong performance

* Headline EPS up 15 per cent

* Full-year dividend up 6 per cent to 19.0 pence per share

* Full-year gross operating cash conversion of 118 per cent (2010: 105 per

Strong financial position

* Net debt reduced by 18 per cent to £44.2 million

* Refinancing completed - committed financing of £246 million with maturity
dates between 2015 and 2017

Operational and strategic highlights

* £5.6 billion future workload at 31 December 2011, up from £5.3 billion a
year ago; more than £2 billion of new orders

* Support Services: gains in margin; UK expansion into new areas of activity
(Department for Work and Pensions and Justice)

* Construction: resilient despite competitive pressures; strong performances
in health and education

* Equipment Services: early-cycle recovery; strong performances in Australia,
Pacific Rim and Saudi Arabia

skinny - 29 Mar 2012 07:49 - 19 of 94

Contract Win.


An Interserve-led consortium has been appointed preferred bidder by West
Yorkshire Police Authority and West Yorkshire Police to deliver two new
divisional headquarters (DHQs), custody suites and a specialist operational
training facility. The consortium, led by Interserve, the international support
services and construction group, together with Equitix, the infrastructure
developer and fund manager, will design, build, finance and operate the new

skinny - 04 Apr 2012 09:58 - 20 of 94

Considering the overall market and the 13p ex dividend - these are not looking too bad today.

skinny - 16 May 2012 07:04 - 21 of 94

Interim Mangement Statement.


* Trading during the period in line with the Board's expectations

* More than £600m of new work won, further improving our revenue visibility
of c. £1.9bn(1) for 2012 and c. £1.0bn(1) for 2013

* Good cash generation

* Acquisition of Business Employment Services Training (BEST) delivering on
strategy to increase capability in growth markets

(1) Including our share of associates

Chief Executive Adrian Ringrose commented,

"We've had a good start to the year and are trading well in mixed market
conditions. Our attractive global breadth of end markets in outsourcing and
infrastructure, together with our strong financial position, underpins our
strategic development potential."

Trading Performance

The Group is performing in line with the Board's expectations and we continue
to believe that trading in 2012 will be stable compared with 2011. We have
continued to win significant contracts from new and existing clients and the
business is benefitting from early actions taken to enhance efficiencies.

* In the year to date we have won over £600m of work from clients including
NHS, Ministry of Justice, Alliance Boots, Tata, Gammon-Hyundai, William
Hill, Ladbrokes, BPP, Sainsbury's, National Grid and the West Yorkshire
Police Authority.

* Support Services UK is progressing well with resilient performance in our
core markets and continuing efficiency improvements.

* Support Services International is trading well primarily through its
activities in the Middle East petrochemical sector.

* Construction, both in the UK and internationally, continues to perform
in-line with expectations. Demand conditions remain challenging with
increased competition although we are engaging in a broader range of
sectors and activities which mitigates some of these pressures.

* Equipment Services continues to recover led by encouraging market
conditions in Australasia and the Far East. There are early signs of growth
within the Middle East. Europe and North America remain subdued.

Strategic development

The acquisition of BEST, announced 4 May, increases Interserve's delivery of
front-line services, particularly in the Department for Work and Pensions' Work
Programme and forms part of the company's strategic development as a key public
services provider. BEST delivers services in government-sponsored programmes;
the majority of its business being in West and South Yorkshire.

Financial position

Having successfully completed our refinancing at the beginning of the year, we
have significant available debt facilities which, combined with our good cash
management, reinforces our strong financial position.


We continue to expect stable trading in 2012 despite the continued global
economic uncertainty. Our medium-term growth strategy remains focussed on:

* Building strong core businesses

* Expanding internationally

* Broadening further the scope of our core businesses.

Board change

David Paterson is to retire from the board on 30 April 2013 and in the meantime
will continue in his current role.
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