Interserve looks overseas after profits fall

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The company, which last year closed most of its pension scheme, reported profit of £27.3 million, against £40 million for the period last year.

Interserve said its equipment services division "was not able to replace several large hire contracts that helped deliver a record 2009 result".

"Uncertainties persist in our markets, but we remain confident that the second half will show a significant uplift on the first half ... we have a strong international platform from which to sustain long-term growth," said chief executive Adrian Ringrose.

Interserve, which cleans Britain's crown courts, was hit by cuts in government spending on education last month after a £200 million contract for St Helen's council on which it was named preferred bidder was cancelled.

Shares in the company last traded at 209p, valuing it at £254 million.