Support services and building firm Interserve has overcome challenging trading conditions in the private sector to post a 19 per cent rise in its first half profits.
Strong trading in the public sector and the Middle East contributed to pre-tax profits of £40 million for the Reading, UK-based firm, up from £33 million for the same period last year.
The firm has recently won contracts in Qatar, Oman and the United Arab Emirates, as well as firming up its foothold in Saudi Arabia.
Conditions in Dubai have been less stable but the company has said the outlook there has now improved. It has confirmed it is now seeking to expand further into the Middle East to explore new territories and growth markets there.
Interserve chief executive Adrian Ringrose said in a statement: ÔÇ£The half-year was another period of growth and development for Interserve. 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 ┬ú1 billion that provide improved forward revenue visibility.
ÔÇ£As a result, we remain confident in our prospects and expect to deliver robust near-term performance and sustain our long-term growth.ÔÇØ
The companyÔÇÖs performance within the public sector held up well. Its contracts in the UK include cleaning the countryÔÇÖs crown courts and maintaining government buildings.
It has also recently announced a five-year, £100 million contract with UK utility firm South West Water, to carry out maintenance and project work.
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