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

Company website
Financial report 2010





TRADING UPDATE

0.5bn OF CONTRACT WINS

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.

Highlights

* 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
2011.

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
conditions.

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
growth.

Outlook

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.

Interim Mangement Statement.


Highlights

* 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.

Outlook

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.

Interserve is to provide facilities management services worth £50m in the new Alder Hey children's hospital to be created in Liverpool.

Its consortium with John Laing and Laing O'Rourke has been named preferred bidder for the PFI contract by Alder Hey Children's NHS Foundation Trust.

Interserve will provide 20 per cent of the consortium's investment in the project.

The new hospital will be built next door to the current site. Once the building is constructed the existing Alder Hey will be demolished and turned into a replacement park.


Interserve consortium reaches financial close on £150m police contract

StockMarketWire.com

An Interserve-led consortium has reached financial close with West Yorkshire Police Authority and West Yorkshire Police on the contract to design, build, finance and operate two new divisional headquarters, custody suites and a specialist operational training facility.

The signing of the contract comes less than two months after the consortium was appointed preferred bidder.

The DHQs and their custody facilities will be located in Leeds and Normanton while the training centre, which will include state-of-the-art firearms training ranges, driver training and public order training facilities, will be adjacent to the force's operational support division in Wakefield.

The training facilities will enable officers to `train for reality' with greater flexibility and realism than ever before.

Interserve, which also builds and manages military training facilities for the MoD in the Defence Training Estate, will provide facilities management services at all the locations for 25 years after completing the construction.

It is anticipated that the Normanton DHQ will be available by the end of 2013, with the training centre and Leeds DHQ following in the first half of 2014.

The total design and construction cost will be £100m and the FM cost will be approximately £50m over the 25-year period.

Something afoot?

Asset Transaction

Interserve, the international support services and construction group, has
reached agreement to sell to CFIG Unicorn Holdings SPV, LLC, an investment
vehicle managed by Credit Suisse's Customized Fund Investment Group ("CFIG
Fund"), part of its holding(1) in the University College London Hospitals
(UCLH) PFI project.

The transaction comprises a three-step restructuring of holdings in the
project:

* Interserve will sell a 16.7 per cent holding in the project to the CFIG
Fund;

* Interserve has exercised its pre-emption rights in relation to 80 per cent
of Balfour Beatty's holding in UCLH, funding for which will be provided by
Interserve and the CFIG Fund in equal proportions;

* Interserve has granted the CFIG Fund an option, exercisable within 45 days,
to purchase Interserve's share of this pre-empted stake.

Contract Win

Interserve, the international support services and construction group, has won
a £24 million contract with Northamptonshire County Council to build the new
A43 Corby Link Road.

The scheme, developed by the council over many years, will improve transport
links between Corby and the A14, support the growth of Corby and relieve the
A43 at Geddington of through-traffic. The project aims to reduce the number and
severity of road accidents and provide a high quality route.

Site preparation works are under way, with the main contract due to start in
July. Completion and road opening are expected in early 2014. The scheme will
involve the construction of approximately 6.5km of dual carriageway and three
new bridges. Where the road crosses a valley Interserve will accommodate the
watercourse beneath it in a box culvert.

Extensive earthworks and piling will be required, with cuttings and embankments
up to 10m deep and 8m high. Interserve will use local resources wherever
possible and, in accordance with the council's requirements to protect
endangered species, will translocate bluebells and ancient hedgerows.

David Paterson, Interserve Executive Director, says, "The A43 Corby Link Road
will benefit both the local community and through traffic. The project will
showcase our expertise in major civil works and our commitment to delivering
such extensive developments sustainably. Our major projects team will work with
local suppliers to achieve this."

- Ends -

Trading Statement

Highlights

* Good trading during the first half with increased revenues and margins
tracking as expected

* Over £1 billion of new work won in 2012, reinforcing strong future workload

* Continued strong cash generation

* Realised value from PFI portfolio through the recent University College
London Hospitals (UCLH) transaction

Trading statement seems to be going down well - 12 month high today @336.10.

Contract win

INTERSERVE WINS £146m GLASGOW RECYCLING AND RENEWABLE ENERGY CENTRE CONTRACT

Interserve, the international support services and construction group, has won
a £146 million contract with Viridor to undertake the engineering, procurement
and construction of a Recycling and Renewable Energy Centre for Glasgow City
Council.

Viridor has signed a 25-year Design, Build, Finance and Operate contract with
the council to recycle and treat Glasgow's residual municipal waste. Interserve
will create the new facility at the heart of this undertaking.

The amenity will be built at the council's own site in the south of the city.
It will incorporate advanced facilities for recycling and anaerobic digestion
and will deploy the latest waste treatment and gasification technology from
Interserve's specialist supply-chain partners. Subject to Viridor securing
planning permission, which is hoped will be in early 2013, work is expected to
commence on site in the summer of 2013 and to complete in early 2016.

The centre will be able to handle between 175,000 and 200,000 tonnes of waste
annually and is designed to prevent around 90 per cent of waste going to
landfill. The new plant will also be able to generate up to 15MW of electrical
power.

Adrian Ringrose, Interserve Chief Executive, says, "From an environmental
standpoint it's vital that we find new ways of reducing the impact of the waste
generated in our cities. This facility will make a real difference to Glasgow
and the surrounding area and we are proud to be involved. It's a major
infrastructure project and we shall be enhancing its sustainability both
through the integration of
advanced waste-processing technologies and through the use of local businesses
in the building of the facility."

- Ends -

Transaction completion

INTERSERVE COMPLETES UCLH PFI ASSET TRANSACTION

On 3 August Interserve, the international support services and construction
group, completed the series of actions described in its 21 June announcement
concerning the agreement to sell part of its holding in the University College
London Hospitals (UCLH) PFI project to CFIG Unicorn Holdings SPV, LLC.

The three-step transaction consisted of:

* Interserve sold half of its previous 33 per cent holding in the project to
the CFIG Fund;

* Interserve exercised its pre-emption rights in relation to 80 per cent of
Balfour Beatty's 33 per cent holding, the funding for which was provided by
Interserve and the CFIG Fund in equal proportions;

* The CFIG Fund has now exercised the option granted by Interserve to
purchase Interserve's share of this pre-empted stake.

The transaction has generated £35 million in cash for Interserve, which retains
ownership of 16.7 per cent of the UCLH PFI project. The sale implies a discount
rate of under 6 per cent and will have a non-recurring 2012 profit impact of £
30 million. Profit attributable in 2011 to the assets sold, which have a gross
value of £3.0 million, was £2.0 million.

- Ends -

Half Yearly Report

Highlights

· First-half gross revenues up 2.8 per cent and headline profit increased 8.2 per cent

· First-half free cash flow generation of £53.9 million (HY 2011: £44.1 million)

· Acquisition of welfare-to-work business for up to £18.25 million and
£15 million of new investment in PFI portfolio

· Disposal of PFI assets to realise a cash value of £35 million announced in June and completed 3 August

· Interim dividend up 6.7 per cent

Interserve preferred bidder for ?300m NHS contract

Interserve, the international support services and construction group, is to provide an extensive range of services to the three NHS Trusts of Leicester, Leicestershire and Rutland (the "Trusts") under a significant new contract, the first of its kind in the UK. The contract has a potential value of up to £300 million over seven years.

Interserve is a construction and facilities management business. Interserve seeks to target the four largest stages of an asset's life cycle: from planning and building to operation and maintenance. A typical Interserve project might be its involvement in the Cumberland Infirmary in Carlisle. Interserve supplies the hospital with a range of services including catering, cleaning and waste management.

Much of Interserve's work is non-discretionary and long-term. This means that investors and management have a high degree of visibility of future earnings. It is these qualities that have enabled Interserve to increase dividends at the company every year since 1998.

Recent results from the company reported a 6.7% increase in interim dividend and an 3.9% advance in eps. Dividends and earnings are expected to rise for the next two years. This means that the shares trade on a forward yield of 5.2%. The 2012 P/E is 8.5, falling to 7.9 times 2013 earnings

Proposed disposal of PFI assets

November 28 2012: Interserve Plc (the Company), the international support services and construction group, announces today, that it has entered into a conditional agreement with the trustee of the Pension Scheme (the Trustee), to transfer its remaining interest in a portfolio of 19 PFI assets (the PFI Assets), to the Trustee at a valuation of £55m.*

The proposed transfer is conditional upon the approval from the shareholders of Interserve Plc at a General Meeting to be held on 7 January 2013.

Trading update, directorate and advisory changes

Highlights

· Trading in-line with the Board's expectations, reiterating our guidance

· Continued strong work winning

· Significant value realisation from PFI portfolio, generating £124.5m cash and £55m asset transfer into the pension scheme

· Further strategic progress in frontline public services and oil & gas services

Final Results

Financial highlights

· Strong future workload up 12.5 per cent to £6.3 billion, as at 31 December 2012 (FY 2011: £5.6 billion) and £2.7 billion of new business won in the year
· Strong operational performance: underlying headline EPS up 8.0 per cent and dividend up 7.9 per cent
· Three year rolling average operating cash conversion of 116.8 per cent (2011: 155.3 per cent)
· Strong net cash position of £25.8 million
· Extended and secured long-term banking facilities
· Capacity of more than £250 million available to fund strategic growth opportunities

Strategic highlights

· Realised £174 million of value from our PFI portfolio of which we have:
a) Invested £67 million, acquiring businesses in growth markets (frontline services, oil and gas)
b) Transferred £55 million into the pension scheme
· Organic expansion into new sectors (e.g. energy from waste, justice)
· Geographical expansion (e.g. Saudi Arabia, Chile, Panama)
· Developed plans for the imminent launch of SustainAbilities to transform our approach to social, environmental, and knowledge sustainability.

Results due soon ?

14th August - Financial Calendar

Good results out today

Multi year high @602p

Looking forward to trading update
Last year was 8 January