Water and Effluent Treatment Magazine
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LEADERS 2018 21 Interserve negotiates troubled times INTERSERVE CONSTRUCTION 395 George Road Erdington Birmingham B23 7RZ www.interserve.com THE LEADERS 2018 There has been plenty of change at the top of support services and construction giant Interserve over the past 12 months. Debbie White became chief executive on 1 September, while Mark Whiteling started as chief financial officer a month later and Sally Cabrini le United Utilities to become director of transformation, IT and people from January. Interserve has been through a troubled period, announcing losses of £94 million in 2016 in the wake of a he y exceptional provision for exiting the energy-from-waste market amid problem contracts. However, White hailed a "significant milestone" in March when the firm agreed a refinancing deal in principle. This would see almost £200 million of cash facilities and a further £95 million of bonding facilities made available. She said the agreement in principle was "a major step in securing a firm financial platform to underpin the group's future". In January, Interserve said it was making "good progress" under Fit for Growth, a three-year programme launched by the new management team in October. "Fit for Growth is focused on increasing the group's organisational efficiency, improving group-wide procurement processes and ensuring greater standardisation and simplification across the business," it said. Interserve will continue to provide water treatment services at a UK Armed Forces base in the Falkland Islands a er it was awarded a two-year extension to an existing deal. The company has also secured spots on civils frameworks including YORcivil2, which includes flood alleviation works, and a procurement agreement run by Manchester City Council. Interserve last autumn started a £20 million project aimed at turning Yorkshire Water's Lundwood sewage treatment works into one of the most efficient in the region. Delivering the best product and procurement solutions Our Range includes: l Pipeline & Fittings l Fasteners & Ironmongery l Tools l Electrical l PPE & Workwear l Site Safety & Janitorial l Pneumatics, Fluid Control & Instrumentation l Metals, Rubber & Plastics Our Service includes: l Products held in-stock for next day delivery l Unrivalled product expertise l Accessible nationwide support l Account management & reporting l Total inventory control l Trade accounts FWB Products Limited - Whieldon Road, Stoke-on-Trent, ST4 4JE Tel: 01782 744333 www.fwb.co.uk sales@fwb.co.uk Our Leading Brands Include: THE NUMBERS 2012 2013 2014 2015 2016 % change Sales £m 721.5 770.7 941.0 1,006.0 1,043.2 4 Gross profit £m 43.9 51.8 53.3 51.7 -122.7 n/a Operating profit £m 7.0 11.4 5.4 0.4 -174.3 n/a Pre-tax profit £m 12.9 16.9 10.6 4.2 -173.5 n/a Staff 2,160 1,998 2,164 2,258 2,363 5 Net assets £m 43.1 49.9 50.6 55.0 -117.1 n/a THE RATIOS 2012 2013 2014 2015 2016 % change Return on capital % 29.9 33.9 21.0 7.7 148.2 1,836 Gross margin % 6.1 6.7 5.7 5.1 -11.8 n/a Operating margin % 1.0 1.5 0.6 0.0 -16.7 n/a Net margin % 1.8 2.2 1.1 0.4 -16.6 n/a Sales/employee £k 334.0 385.7 434.9 445.5 441.5 -1