Interserve first-half profit up 19.5 percent
Building and maintenance company Interserve said a strong market for its services in the Middle East left it well placed for further growth, as it posted a 19.5 percent rise in first-half profit.
First Great Western to invest £29 mln in service improvementsInterserve, which cleans the crown courts, also said on Tuesday it had won a 44 million pound contract to build and operate two leisure centres for Leeds City Council.
The company made a pretax profit of 33.7 million pounds in the six months to end-June, on revenue up 6.1 percent to 914 million pounds. It raised its interim dividend 6 percent to 5.3 pence.
"With our strong position in the buoyant Middle East and the continued opportunities for growth in our core UK sectors, we are confident that Interserve is well placed to maintain its progress," chief executive Adrian Ringrose said in a statement.
Interserve made 30 percent of its first-half profit in the Middle East, where it is building a 5 km camel race track consisting of a specially graded sand running surface.
Interserve shares, which have outperformed other London-listed support services companies by 22 percent over the past 12 months, closed at 414.25 pence on Tuesday to value the business at 484 million pounds.
(Reporting by Dan Lalor, editing by Will Waterman)
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