Interserve pre-tax profits up 18.7%

Interserve has boosted its pre-tax profits by 18.7% for the first six months of the year, thanks to major UK public sector contracts and work in the Middle East.

In its half year results to 30 June 2009 the firm report a a pre-tax profit of £40m (£33.7m) on an increased turnover of £951.2m (£913.6m).

Meanwhile the firm managed to improve its debt position, with net debt now standing at £85.1m (£115.4m).

In a statement, chief executive Adrian Ringrose said: "“Benefiting from our long-term strategy we increased profits, reduced net debt and secured further contract wins with a whole-life value in excess of £1 billion that provide improved forward revenue visibility.

“As a result, we remain confident in our prospects and expect to deliver robust near-term performance and sustain our long-term growth.”

The firm, which has an order book of £6.7bn, won several high profile UK public sector contracts over the period, including the £280m Sandwell BSF programme and the £110m construction of Belmarsh East prison.