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.

102.50p +21p (+25.77%)

well over the 100p at the close but below the high of 105p

Sold @ 107.06p

despite some buyers paying premium, the order book got weaker

edit: a 37.20% gain on less than 2 trading days, closing T+13 on a T+15

98p -4.50 -4.39%

The early morning up and down on a strong order book, was a way the MMs where playing with the stock, and eventualy decided it was a stop loss for many.
Had almost double in price from the lows 4 days ago, so was profit taking at the end

Bought some at 117p

Looking promising now with another contract today.
On the share bounce back now only need the price to break 120p that so far has been resistance

1 month chart

119.125p +2.875p +2.47%

doing nicely and so far the order book is pretty strong, earlier was level

DEPTH
53 v 41

There some large buy trades as we reeaching the last 30 minutes, the volume is slightly higher, but need much more to break free from the 120p

Statement following recent media coverage


Interserve confirms that it is engaged in constructive and ongoing discussions with its lenders. Work is underway to provide greater clarity on Interserve's current trading and Energy from Waste provision, provided in the 14 September update announcement.

- Ends -


A further announcement is expected in the coming days.

debt for equity with investors being left with bugger all?
must be on the cards

Might as well toss a coin Cynic. Unless they can cost the EfW liability with some credibility impossible to value this company.

Bad luck Mentor, your 117p purchase is well under water.

don't be silly .... he saw it wasn't right and got out quickly, only losing a copper or two

Ah yes. Forgot the golden touch.

every smart trader buys pretty much at the bottom and always gets out withing a copper or two of the top :-)

Sounds like a sensible approach

Whoops

19 Oct Liberum Capital Buy 54.88 180.00 180.00 Reiterates

As per earlier post by Cynic, much more likely to be a debt for equity swap.

INTERSERVE WINS £140 MILLION CONTRACT EXTENSION WITH MAJOR BROADCASTER


Interserve, the international support services and construction group, has won a £140 million contract with the BBC to continue providing facilities services until 2023.

This latest four-year extension to the account, which was first awarded in 2014, will see Interserve provide total facilities management services across the broadcaster's UK estate. In total the contract covers 150 sites and 560,000 m2 floorspace, including the corporation's major offices and production facilities at MediaCityUK in Salford, Broadcasting House in Portland Place, London and Pacific Quay in Glasgow.

The partnership covers 26 separate service lines reflecting the diversity of the BBC's operations across its estate and the need to deliver a coordinated and positive workplace experience for employees across the organisation's sites. Services ranging from critical broadcast engineering, energy and utilities management through to cleaning, portering and security are tailored to specific building requirements, including the need for 24-hour operations at several locations.

In addition to this contract, Interserve currently delivers security guarding and building contractor services for the broadcaster under separate frameworks.
Debbie White, chief executive at Interserve, said that the contract extension was testament to the strong partnership between the two organisations:

"Our ongoing partnership with the BBC has been built on our collaborative approach, marrying our expertise in delivering high performance workplaces with the needs of the customer's diverse teams across its UK estate."

- Ends -

StockMarketWire.com
Shares of Interserve fell sharply Monday after reporting wider losses in the year to the end of December following a 'difficult year' weighed by poor performance in support services and construction divisions.

Losses before tax widened to £244.4m from £94.1m, while revenue was £3.25bn up slightly from £3.24bn the previous year.

The completed contract and business review resulted in a £86.1m write down, of which over half will have no future cash impact, Interserve said.

The balance sheet review resulted in non-cash goodwill and asset write downs of £76.7m.

The firm's new management disciplines, processes and cost controls under its 'Fit for Growth' programme is expected to deliver at least £40-to-£50 million annual benefit to group operating profit by 2020 with £15m benefit expected in 2018.

Full debt refinancing was secured with committed borrowing facilities of £834m, through to 2021, Interserve said. 'The refinancing we recently agreed with our lenders is a major step in securing a firm financial platform to underpin the Group's future,' said Debbie White, Interserve's Chief Executive.

The firm said it secured key contracts with new and existing clients including the Ministry of Defence, Ministry of Justice, Department of Work and Pensions, Network Rail, BBC, Jumeirah Group (Dubai), Liwa Plastics (Oman) and Doha Festival City (Qatar).

Endgame now in sight. I suspect vulture bondholders have underestimated IRV's ability to screw up deliver of Energy for Waste. D4E can't be far away now.


Shares in Interserve plummeted 10 per cent to their lowest point since 1985, as growing concerns over the UK contractor’s financial health prompted investors to up their short positions in the company.

Interserve shares were trading at 40.3p at pixel time in London, their lowest level in more than 30 years.

On Sunday, asset management company BrightSphere Investment increased its short position in the outsourcer to 2.54 per cent of the company’s stock, or 3.8m shares, according to Bloomberg. Disclosed short positions now represent 6.16 per cent of Interserve’s outstanding stock, the largest of which is held by BrightSphere.

The move by BrightSphere comes after waste management company Renewi said on Thursday its joint venture with Interserve on a waste treatment centre in Derby was behind schedule. In its half-year report, Renewi said although it was working to bring the Derby facility to full service and progress in the period had been made, Interserve had “missed the project long stop date.”

Failure to bring the site to full use could result in Interserve having to pay the maximum agreed compensation to Renewi, though this may not be enough to cover future costs, the company said.

“While principal responsibility for the commissioning of the Derby facility rests with Interserve, a failure to bring it into full service could result in Interserve meeting the ceiling of its liquidated damages obligations to Renewi, exposing the Group to certain future operating costs. Interserve also provide financial guarantees on plant reliability,” said Renewi.