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INTERSERVE ANNUAL REPORT 2014 OVERVIEW 2014 IN SUMMARY Interserve Plc OVERVIEW 2014 IN SUMMARY ANNUAL REPORT ANNUAL INTRODUCTION CONTENTS “ 2014 WAS A LANDMARK YEAR FOR THE OVERVIEW HIGHLIGHTS 01 BUSINESS IN WHICH WE ADVANCED DELIVERING SHAREHOLDER VALUE 01 2014 OUR STRATEGY AND DELIVERED CHAIRMAN’S STATEMENT 02 35 PER CENT OPERATING PROFIT STRATEGIC REPORT OUR STRATEGY 04 GROWTH DESPITE CHALLENGING OPERATIONS AT A GLANCE 06 OUR BUSINESS MODEL 08 CONDITIONS IN MANY OF OUR OUR MODEL IN ACTION 10 WHERE WE OPERATE 12 MARKETS. WE MADE TWO STRATEGIC PROTECTING OUR BUSINESS 14 PERFORMANCE 18 ACQUISITIONS (INITIAL FACILITIES AND OPERATIONAL REVIEW 20 PRINCIPAL RISKS AND UNCERTAINTIES 30 ESG), EACH OF WHICH DEEPENED OUR SUSTAINABILITY REVIEW 32 PRESENCE IN CORE OUTSOURCING FINANCIAL REVIEW 42 MARKETS. OUR FOCUS ON PROVIDING GOVERNANCE HIGH QUALITY SERVICES TO BOTH NEW DIRECTORS 48 ADVISERS 51 AND EXISTING CLIENTS RESULTED IN DIRECTORS’ REPORT 52 CORPORATE GOVERNANCE 60 REGISTERED OFFICE STRONG WORK WINNING DURING THE AUDIT COMMITTEE REPORT 68 Interserve Plc DIRECTORS’ REMUNERATION REPORT 74 Interserve House Ruscombe Park Twyford YEAR, WITH OUR FUTURE WORKLOAD DIRECTORS’ RESPONSIBILITY STATEMENT 102 Reading Berkshire RG10 9JU T. +44 (0)118 932 0123 F. +44 (0)118 932 0206 RISING 26 PER CENT TO £8.1 BILLION.” FINANCIAL STATEMENTS E. [email protected] ADRIAN RINGROSE CHIEF EXECUTIVE INDEPENDENT AUDITORS’ REPORT 103 CONSOLIDATED FINANCIAL STATEMENTS 108 www.interserve.com NOTES TO THE CONSOLIDATED 114 FINANCIAL STATEMENTS COMPANY FINANCIAL STATEMENTS 153 ingenuity at work NOTES TO THE COMPANY 154 FINANCIAL STATEMENTS PRINCIPAL GROUP UNDERTAKINGS 161 ANNUAL REPORT 2014 FIVE-YEAR ANALYSIS 166 SHAREHOLDER INFORMATION 168 FOR FURTHER INVESTOR INFORMATION: www.interserve.com/investors 10339 INT – AR14 0 Cover AW01 tp.indd 1 19/03/2015 16:31 INTERSERVE ANNUAL REPORT 2014 OVERVIEW 2014 IN SUMMARY Interserve Plc OVERVIEW 2014 IN SUMMARY ANNUAL REPORT ANNUAL INTRODUCTION CONTENTS “ 2014 WAS A LANDMARK YEAR FOR THE OVERVIEW HIGHLIGHTS 01 BUSINESS IN WHICH WE ADVANCED DELIVERING SHAREHOLDER VALUE 01 2014 OUR STRATEGY AND DELIVERED CHAIRMAN’S STATEMENT 02 35 PER CENT OPERATING PROFIT STRATEGIC REPORT OUR STRATEGY 04 GROWTH DESPITE CHALLENGING OPERATIONS AT A GLANCE 06 OUR BUSINESS MODEL 08 CONDITIONS IN MANY OF OUR OUR MODEL IN ACTION 10 WHERE WE OPERATE 12 MARKETS. WE MADE TWO STRATEGIC PROTECTING OUR BUSINESS 14 PERFORMANCE 18 ACQUISITIONS (INITIAL FACILITIES AND OPERATIONAL REVIEW 20 PRINCIPAL RISKS AND UNCERTAINTIES 30 ESG), EACH OF WHICH DEEPENED OUR SUSTAINABILITY REVIEW 32 PRESENCE IN CORE OUTSOURCING FINANCIAL REVIEW 42 MARKETS. OUR FOCUS ON PROVIDING GOVERNANCE HIGH QUALITY SERVICES TO BOTH NEW DIRECTORS 48 ADVISERS 51 AND EXISTING CLIENTS RESULTED IN DIRECTORS’ REPORT 52 CORPORATE GOVERNANCE 60 REGISTERED OFFICE STRONG WORK WINNING DURING THE AUDIT COMMITTEE REPORT 68 Interserve Plc DIRECTORS’ REMUNERATION REPORT 74 Interserve House Ruscombe Park Twyford YEAR, WITH OUR FUTURE WORKLOAD DIRECTORS’ RESPONSIBILITY STATEMENT 102 Reading Berkshire RG10 9JU T. +44 (0)118 932 0123 F. +44 (0)118 932 0206 RISING 26 PER CENT TO £8.1 BILLION.” FINANCIAL STATEMENTS E. [email protected] ADRIAN RINGROSE CHIEF EXECUTIVE INDEPENDENT AUDITORS’ REPORT 103 CONSOLIDATED FINANCIAL STATEMENTS 108 www.interserve.com NOTES TO THE CONSOLIDATED 114 FINANCIAL STATEMENTS COMPANY FINANCIAL STATEMENTS 153 ingenuity at work NOTES TO THE COMPANY 154 FINANCIAL STATEMENTS PRINCIPAL GROUP UNDERTAKINGS 161 ANNUAL REPORT 2014 FIVE-YEAR ANALYSIS 166 SHAREHOLDER INFORMATION 168 FOR FURTHER INVESTOR INFORMATION: www.interserve.com/investors 10339 INT – AR14 0 Cover AW01 tp.indd 1 19/03/2015 16:31 INTERSERVE ANNUAL REPORT 2014 OVERVIEW DELIVERING SHAREHOLDER VALUE DELIVERING SHAREHOLDER VALUE TO REDEFINE THE FUTURE FOR PEOPLE AND PLACES OUR VISION • TAKE PRIDE IN WHAT YOU DO • EVERYONE HAS A VOICE • BRING BETTER TO LIFE • DO THE RIGHT THING OUR VALUES OUR Create places that Deliver public service Build more skills and Generate a positive environmental Achieve OUTCOMES benefit people in the public interest more opportunities impact sustainable growth OPERATIONS OUR BUSINESS OUR MODEL WHERE WE PROTECTING OUR OUR STRATEGY AT A GLANCE MODEL IN ACTION OPERATE BUSINESS HOW WEHOW DO IT READ MORE ON PAGE 04 READ MORE ON PAGE 06 READ MORE ON PAGE 08 READ MORE ON PAGE 10 READ MORE ON PAGE 12 READ MORE ON PAGE 14 SOCIAL VALUE MAPPING BUILDING QATAR’S BIGGEST DLR CONTRACT ADDS TO BUILDING ADVANCED MEDICAL PARAGON FITS OUT MARKEL’S MALL AT DOHA FESTIVAL CITY TRANSPORT SECTOR GROWTH AND TESTING FACILITIES ‘WALKIE TALKIE’ LONDON OFFICE COMMUNITY CENTRE This Annual Report was printed in the UK by CPI Colour Limited, using vegetable based inks. The printer and paper mill are Designed and produced by accredited with ISO 14001 Environmental management Systems RECENT WORK RECENT and are Forest Stewardship Council® chain-of-custody registered. The paper is 100% recycled, produced from de-inked post consumer READ THE STORY ON PAGE 34 READ THE STORY ON PAGE 26 READ THE STORY ON PAGE 22 READ THE STORY ON PAGE 25 READ THE STORY ON PAGE 29 waste. The silk laminate used on the outer cover is bio-degradable. www.accruefulton.com 10339 INT – AR14 0 Cover AW01 tp.indd 2 20/03/2015 13:41 INTERSERVE ANNUAL REPORT 2014 OVERVIEW HIGHLIGHTS 01 OVER HIGHLIGHTS VIEW REVENUE HEADLINE PRE-TAX PROFIT* £2,913.0m +33% £106.2m +31% PROFIT BEFORE TAX FULL-YEAR DIVIDEND REPORT STRATEGIC £61.9m -9% 23.0p +7% HEADLINE TOTAL HEADLINE EARNINGS OPERATING PROFIT* PER SHARE* £117.2m +35% 58.8p +23% GOVERNANCE Revenue growth of 33 per cent (organic growth of 10 per cent) Totaloperatingprofitgrowthof35percent (organic growth of 9 per cent) Headline earnings per share growth of 23 per cent (organic growth of 14 per cent) Full-year dividend: Recommended increase of 7 per cent to 23.0p £4.1 billion of new business won in 2014 STATEMENTS FINANCIAL Record future workload of £8.1 billion, up 26 per cent *ThisAnnualReportincludesanumberofnon-statutorymeasurestoreflecttheimpactofnon-tradingandnon-recurring items.Seenote33totheconsolidatedfinancialstatementsforareconciliationofthesemeasurestotheirstatutory equivalents and note 11 for calculation of earnings per share. 02 INTERSERVE ANNUAL REPORT 2014 OVERVIEW CHAIRMAN’S STATEMENT OVERVIEW CHAIRMAN’S STATEMENT “ OUR STRATEGY IS PROVING EFFECTIVE AND I AM VERY CONSCIOUS THAT THE ONGOING PERFORMANCE OF THE BUSINESS IS ACHIEVED THROUGH THE INGENUITY AND HARD WORK OF OUR PEOPLE IN SERVING OUR CUSTOMERS.” LORD BLACKWELL Chairman Interservemadefurthersignificant services to the citizen, initially through including in the KSA where our new joint progress during 2014, growing revenues the Work Programme and subsequently venture with local partner, Rezayat, gives by 33 per cent and adding over 23,000 through our domiciliary care business. usaccesstoasignificantFMmarket. new colleagues during the year. It Recently we have extended our reach In addition, the acquisition of esg adds is a central tenet of our corporate considerably; in December, we were the establishment and management of strategy to build strong core businesses. selected to provide probation services three education colleges in the KSA to The acquisition of Initial Facilities in as part of the Ministry of Justice’s Interserve’s portfolio. We believe that March added breadth and depth to our Transforming Rehabilitation programme. both the FM and education markets have customer offering, positioning us as a Also in December, we acquired The significantpotentialforus;notjustinthe top-three player in the UK Facilities Employment and Skills Group (esg), KSA, but in the Middle Eastern region as a Management (FM) market. In addition, further extending our Work Programme whole. Our oil and gas services businesses our performance was underpinned by presence and adding capability to in the Middle East have also performed strong organic growth (a 10 per cent provide skills, training and employability well and we took further steps to position increase in consolidated revenues), services in the UK and further education ourselves to grow our FM activities across demonstrating our potential in in the Kingdom of Saudi Arabia (KSA). the region. recovering markets and our resilience The broad range of capabilities we now where market conditions have been possess, together with our track record In Europe we are growing our capability to moredifficult. as a trusted partner to UK Government, serve major clients who look for a single providesasignificantopportunityto organisation to meet their support service Our strategy also envisages extending deliver better, and better coordinated needs across the continent. Some 3,000 out from our core businesses to services to the citizen, whilst improving colleagues joined us in Spain through enter and grow in adjacent markets the outcomes sought by our clients. the Initial Facilities acquisition whilst where our skills can be applied to organically we expanded our work for gain competitive advantage. Since During the period we expanded our theForeign&CommonwealthOfficeand 2011, Interserve has been building support services business into a number wonourfirstcross-bordercommercial its capabilities to deliver ‘front-line’ of territories where we had existing contract, with Sony Europe, wherein we construction and RMD Kwikform activities, will provide services in 27 countries. In our construction business we delivered good revenue growth in the UK. Whilst margins have been affected OPERATING IN OVER by supply
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