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Thu June 24 2021

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Interserve has an eye on acquisitions

13 May 13 Interserve is on the look-out for acquisitions in oil & gas services, infrastructure and the outsourced public services contracting.

Chief executive Adrian Ringrose
Chief executive Adrian Ringrose

In its interim management statement for the first four months of the year, Interserve said that it had been trading well, had won more than £700m of new work and had a strong balance sheet.

During the period it has completed the transfer of £55m of PFI assets into the company pension scheme and acquired an 85% share of Omani oil & gas services business, TOCO, for £28m.

Chief executive Adrian Ringrose said: “We have unlocked material value from our balance sheet, reducing the pension deficit and are now seeking to use our strong cash position to invest further in strategically attractive opportunities in growth markets, including oil and gas services, infrastructure and the outsourced provision of public services. Against the continuing backdrop of mixed market conditions, I am pleased by the good progress in each of our businesses."

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