好色先生TV

Interserve鈥檚 UK construction arm is on course to 鈥渂reak even鈥� after being hit by 鈥渢hree loss-making energy process contracts鈥�, the firm said in a third quarter trading update today.

While the performance of its building and fit-out divisions is 鈥渆ncouraging鈥�, the firm said its overall construction business鈥� results will be impacted by the three problem jobs that fall within its infrastructure division.

Interserve attributed the problem jobs to 鈥渟ub-contractor insolvencies and the consequential impacts on project timing and costs鈥�.

Overall Interserve said its results were still on course to meet market expectations due to good performances by its support services and equipment services businesses, making up for the construction problem jobs.

Stephen Rawlinson, analyst at Whitman Howard, said his firm had previously forecast that Interserve鈥檚 construction business was on course to make a 拢12m operating profit. He said that in light of today鈥檚 update the firm鈥檚 other divisions had a 鈥渂ig task to fill the 拢12m gap鈥�.

Intersever said support services continues to perform well, including in UK frontline public services through the successful mobilisation of the Transforming Rehabilitation programme, while internationally, despite the downturn in oil price, demand for its critical operational support functions 鈥渃ontinues to be strong with resilient margin performance.鈥�

While its equipment services has 鈥渃ontinued to deliver outstanding growth鈥�, which the firm said was fuelled by strong demand and benefitting from the increased scale of the hire fleet in it has invested in in recent years.

Meanwhile the contractor has appointed Glyn Barker as its new chairman from next year.

Barker will join the board from 1 January 2016 and will then become chairman from 1 March, after current chairman Lord Blackwell retires from the board on 29 February.

Among other roles, Barker is a non-executive director of Aviva and Berkeley Group Holdings, and has significant experience advising FTSE 100 companies.

Commenting on Barker鈥檚 appointment, Interserve CEO Adrian Ringrose said: 鈥淚 am delighted that Glyn has agreed to join the board. His experience in leading complex organisations and boards and of working closely with stakeholders will be a powerful asset for the company as it continues to grow.鈥�

Current Interserve chairman Lord Blackwell said: 鈥淚 am proud of the strong platform for future growth and development that the business has built in recent years and am delighted that Glyn will be succeeding me as chairman to guide the next stage of the company鈥檚 evolution.鈥�