Interserve to offload equipment services division

Mon, 14 Mar 2016 | DIVISION SALE

UK-based support services and construction company Interserve is considering offloading its profitable equipment services division RWD Kwikform.

The division has been placed under a strategic review and may well be sold by Interserve. RMD Kwikform currently accounts for around six per cent of the group’s turnover and a third of headline operating profit.

The announcement made recently by chief executive Adrian Ringrose, comes as Interserve reported pre-tax profits of £80 million (a rise of 28 per cent) and turnover of £3.2 billion (up 10 per cent) in 2015.

Mr Ringrose said: “Our performance in 2015 was good, resulting in 12 per cent operating profit growth in markets that continue to offer both opportunities and challenges.

“These issues were, however, partially offset in the year by strong performance in our building and fit-out businesses.

“In light of the changing shape of our portfolio over the last few years, we have started a strategic review of our equipment services business RMD Kwikform.”

RMD Kwikform’s revenue jumped from £195.5 million in 2014 to £211 million last year (a growth rate of eight per cent) and contributed £41.9 million to the group’s operating profit.

Mr Ringrose added: “Overall, we expect 2016 to be broadly steady compared to 2015 as underlying growth is restrained by the impact of a slower order intake following an election year and the impact of the National Living Wage.

“However, we expect to return to growth in 2017, underpinned by our strong positions in attractive markets.”

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