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Fri October 23 2020

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Interserve enjoys Middle East growth as UK market hardens

10 May 10 Interserve has reported it is trading in line with expectations during 2010 to date, despite “challenging” conditions in its Support Services and Equipment Services businesses.

Interserve has reported it is trading in line with expectations during 2010 to date, despite “challenging” conditions in its Support Services and Equipment Services businesses.

This means that “the second half weighting of profits will be more pronounced than usual”.

Interserve said that a number of the newer public sector contracts continue to be “impacted by significant mobilisation and transition costs”.

It added “Contract cost reduction opportunities are in the process of being realised and the Group remains confident that these contracts will deliver their full potential over the contract life.”

However, the firm's Middle East businesses “have maintained their strong performance into 2010, despite lower activity levels in Dubai”.

Interserve has won around £150m of work in Qatar to date, plus a three-year services contract with Maersk Oil Qatar for the supply of manpower and equipment to onshore and offshore facilities worth around £20m, and further substation construction awards in Qatar worth around £25m.

The firm's order book is in excess of £6bn (including the Group's share of Middle East associates).
 

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