13 Jan 2003

Interserve Plc intends to make the preliminary announcement of its results for the year ended 31 December 2002 on Thursday 13 March 2003.

Overall trading has continued satisfactorily in recent months and net debt at the year end reduced to £44 million (2001: £62.8 million).
 
Progress  continues in Facilities Services and Project Services and both should benefit from our continuing interest in PFI/PPP projects. Recently we announced the financial close of the £230 million PFI scheme for Ashford Prison and our consortium's status as preferred bidder for the PPP scheme for the Army Training Estate worth some £600 million. Long term framework agreements have been secured with notable clients including National Health Service, United Utilities, Devon County Council, Barclays Bank and H M Prison Service.

Industrial Services is performing satisfactorily in the more difficult market conditions in this sector. Certain clients have indicated an easing of the pressure on maintenance spending in 2003 and to some extent this is borne out by an increasing order book.  Recently the Division secured the renewal for up to 5 years of its contract with BP at Hull and an important management contract for BNFL at Sellafield. Together these contracts are worth in excess of £85 million.  

Equipment Services has performed well in most of its markets but the Far East has remained  difficult. The provision of equipment for large infrastructure projects continues as an important focus of the business with many opportunities worldwide. In the UK for example our equipment is being utilised on the Birmingham Northern Relief Road, the Channel Tunnel Rail Link and the A1(M) Upgrade projects.