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20
May

Interserve gets NHS boost


Interserve picked up more than £700m of new work in the first quarter of 2013, according to an interim management statement covering the period from 1 January to 15 May.


Trading is in line with company guidance and the services provider has transferred £55m of private finance initiative  (PFI) assets into the pension scheme.

New business has come from a number of clients Alder Hey Children's NHS Foundation Trust and other broader NHS bodies.

Following the extraordinary general meeting on 7 January, £55 million of PFI assets was transferred into the pension scheme bringing the total value realised from this portfolio to £179.5m. Around £28m was used to acquire an 85% share in TOCO.

"We have unlocked material value from our balance sheet, reducing the pension deficit,” said chief executive Adrian Ringrose.

“We 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.

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