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1 Redefining the future for people and places | Strategic Development Strategic Development Significantly enhanced Group HY2015 2015 Headline EPS 67.9p +68% vs 2010 (40.3p) Headline EBIT +72% (c50% of this Attractive

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Redefining the future for people and places | 1

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Strategic Development Strategic Development

HY2015

  • Significantly enhanced Group
  • 2015 Headline EPS

67.9p – +68% vs 2010 (40.3p)

Attractive growth fundamentals &

  • pportunities
  • Headline EBIT +72%

(c50%

  • f this

growth organic)

  • pportunities
  • Evolution in business mix
  • S

upport S ervices 32%  65% Construction 52%  8%

Disciplined performance management

  • Construction 52%

 8%

  • Equipment S

ervices 16%  27% St t gi i f th E i t

  • Strategic review of the Equipment

Services business

Redefining the future for people and places | 2

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SLIDE 3

Tim Haywood Tim Haywood

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SLIDE 4

I Income statement

£ million 2015 2014 £ million 2015 2014 Revenue 3,204.6 2,913.0

+10%

Total operating profit 131.8 117.2

+12%

Interest (16.4) (11.0) Headline profit 115.4 106.2

+9%

Amortisation of intangible assets (31.1) (24.5) Exceptional items (4.8) (19.8) Profit before taxation 79 5 61 9

+28%

Profit before taxation 79.5 61.9

+28%

Taxation (9.3) (12.0) Profit after taxation 70.2 49.9 Headline EPS 67.9p 58.8p

+15%

Redefining the future for people and places | 4

Dividend per share 24.3p 23.0p

+6%

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SLIDE 5

S l l i Segmental analysis

£ million 2015 2014 Revenue TOP*

Margin

Revenue TOP*

Margin

%growth in TOP S upport S ervices

  • UK

1,834.4 92.2

5.0%

1,679.9 81.4

4.8% +13%

I t ti l 170 4 8 2

4 1%

117 5 7 4

4 8% 11%

  • International

170.4 8.2

4.1%

117.5 7.4

4.8% +11%

Construction

  • UK

1,040.8 0.1

  • 970.7

15.4

1.6%

  • International
  • 13.0

4.3%

  • 10.8

4.7% +20%

Equipment S ervices 211.0 41.9

19.9%

195.5 26.6

13.6% +58%

S ervices Group S ervices (52.0) (23.6) (50.6) (24.4) 3,204.6 131.8

4.1%

2,913.0 117.2

4.0% +12%

Redefining the future for people and places | 5

*Total operating profit

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SLIDE 6

T i Taxation

£ million 2015 2014 £ million 2015 2014 Profit Tax Rate Profit Tax Rate S ubsidiary companies 92.8 (15.7) 16.9% 89.7 (18.7) 20.8% Joint Ventures and associates 22.6

  • 16.5
  • Headline profit

115.4 (15.7) 13.6% 106.2 (18.7) 17.6% Amortisation of intangible assets (31.1) 5.8 18.6% (24.5) 4.5 18.4% Exceptional items (4 8) 0 6 12 5% (19 8) 2 2 11 1% Exceptional items (4.8) 0.6 12.5% (19.8) 2.2 11.1% Group companies’ effective rate 79.5 (9.3) 11.7% 61.9 (12.0) 19.4%

Redefining the future for people and places | 6

p p ( ) ( )

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SLIDE 7

B l Sh Balance Sheet

£ million 31 Dec 31 Dec £ million 31 Dec 2015 31 Dec 2014 Goodwill and intangible assets 520.2 544.4 Property, plant and equipment 218.1 194.7 Joint Ventures and associates 131.9 119.9 Working capital (66.0) (121.3) Pension asset / (deficit) 17 2 (4 8) Pension asset / (deficit) 17.2 (4.8) Cash / (net debt) (308.8) (268.9) Net assets 512.6 464.0 Net assets 512.6 464.0

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SLIDE 8

I P f li Investment Portfolio

£ million YE 2015 Addiewell Prison Justice 2.9 West Yorkshire Police Justice 4 0 West Yorkshire Police Justice 4.0 Haymarket Property 22.8 Scottish National Blood Transfusion Services Health 1.6 Alder Hey Health 3.3 Invested 34.6 Committed 29.3 Committed and invested 63.9

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IAS19 P i IAS19 – Pensions

£ million YE 2015 YE 2014 £ million YE 2015 YE 2014 G li biliti (880 9) (924 9) Gross liabilities (880.9) (924.9) Insurance buy-in asset 336.0 360.7 Obligations net of insurance buy-in (544.9) (564.2) Obligations net of insurance buy in (544.9) (564.2) Other assets 562.1 559.4 Gross asset / (deficit) 17.2 (4.8)

  • Triennial valuation completed and agreed
  • £64m actuarial deficit (Dec 2011: £150 million deficit)
  • £64m actuarial deficit (Dec 2011: £150 million deficit)
  • Contributions maintained at £12m p.a. until the next triennial

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C i i i Continuing investment

Trading +£151.8m Investing -£111.3m Financing -£80.4m

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G i hfl Gross operating cashflow

£ million 2015 2014 Group JVs and Associates Total Total Headline total operating profit 109.2 22.6 131.8 117.2 Depreciation & amortisation 36.1

  • 36.1

39.3 Net capital expenditure (51 2)

  • (51 2)

(54 3) Net capital expenditure (51.2) (51.2) (54.3) Other (12.4)

  • (12.4)

(8.9) Working capital investment (53.5) (9.0)* (62.5) (52.0) G ti h fl 28 2 13 6 41 8 41 3 Gross operating cash flow 28.2 13.6 41.8 41.3 Closing net debt 308.8 268.9

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*JVA dividends in deficit of profit

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G i hfl Gross operating cashflow

£ million 2015 2014 Group JVs and Associates Total Total

Net capital expenditure

£14 2 UK S t S i ( £11 9 d i ti )

Headline total operating profit 109.3 22.5 131.8 117.2 Depreciation & amortisation 36.1

  • 36.1

39.3 Net capital expenditure (51 2)

  • (51 2)

(54 3)

  • £14.2m UK S

upport S ervices (vs £11.9m depreciation) IT & S ystem investments, growth in the business

  • £20.1m Equipment S

ervices (vs £16.9m depreciation)

Net capital expenditure (51.2) (51.2) (54.3) Other (12.5)

  • (12.5)

(8.9) Working capital investment (53.5) (8.9)* (62.4) (52.0) G ti h fl 28 2 13 6 41 8 41 3

further investment in the Hire Fleet

  • £9.4m Group S

ervices (vs £1.0m depreciation) Investment in our Midland Hub, expected funding &

Gross operating cash flow 28.2 13.6 41.8 41.3 Closing net debt 308.8 268.9

reimbursement Q1 2016

  • Remaining Group £7.5m (vs £6.3m depreciation)

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*JVA dividends in deficit of profit

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SLIDE 13

G i hfl Gross operating cashflow

£ million 2015 2014 Group JVs and Associates Total Total

Working Capital investment

Headline total operating profit 109.3 22.5 131.8 117.2 Depreciation & amortisation 36.1

  • 36.1

39.3 Net capital expenditure (51 2)

  • (51 2)

(54 3)

  • Middle East investment (Equipment S

ervices net investment, other operations cash received > profit)

  • S

upport S ervices UK investment (change in mix with

Net capital expenditure (51.2) (51.2) (54.3) Other (12.5)

  • (12.5)

(8.9) Working capital investment (53.5) (8.9)* (62.4) (52.0) G ti h fl 28 2 13 6 41 8 41 3

pp ( g reduced Defence work, business growth)

  • Construction UK investment (supply chain payment

demands, close out of problematic EfW contracts)

Gross operating cash flow 28.2 13.6 41.8 41.3 Closing net debt 308.8 268.9

demands, close out of problematic EfW contracts)

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*JVA dividends in deficit of profit

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D i i Sh h ld l Driving Shareholder value

  • 12%

growth in operating profit 15% th i H dli EPS

  • 15%

growth in Headline EPS

  • 6%

growth in DPS

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Adrian Ringrose Adrian Ringrose

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S S i Support Services

MoD - Gibraltar London Underground

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Interserve Healthcare Interserve Learning & Employment

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St g g th b d ff i g Strong growth, broader offering

S h b d ff i

  • Strong growth, broader offering
  • Revenue +9%
  • Total operating profit +13%

Total operating profit +13%

  • Further margin development to

5.0% (2014: 4.8% )

  • Workload £5 6bn (YE2014 £6 2bn)
  • Workload £5.6bn (YE2014 £6.2bn)
  • Highlights
  • Mobilisation of Probation
  • Further Frontline S

ervices

  • pportunities
  • pportunities
  • Building the private sector

business

Redefining the future for people and places | 17

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O Our customers

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SLIDE 19

S S i I i l Support Services International

Abu Dhabi Equestrian Club, UAE King Abdullah Financial District, S audi Arabia

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Adyard, UAE S afah Wadi Latham, Oman

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V l h Volume growth

  • Volume growth
  • Revenues* increased to £224.3m

(YE 2014: £157.2m)

  • Total operating profit increased to

£8.2m (YE2014: £7.4m)

  • Future workload* increased at

£304 (YE2014 £286 ) £304m (YE2014: £286m)

  • Outlook

Outlook

  • Resilient demand
  • Further integration of offering

Further integration of offering

  • Growing FM presence

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* Incl share of associates results

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O Our customers

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C i UK Construction UK

Torbay Hospital Solent University

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Paragon Factory 2050

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G i d b k Growing orderbook

  • Growing orderbook

Growing orderbook

  • Good revenue growth (+7%

)

  • Full order books with workload

Full order books with workload +14% to £1.6bn (YE2014: £1.4bn)

  • Issues on 3 Energy from Waste

Issues on 3 Energy from Waste contracts

Hi hli ht

  • Highlights
  • Demand continuing to improve

F t h l (BIM)

  • Focus on technology (BIM)
  • S

trong fit out performance

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O Our customers

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C i I i l Construction International

Dubai World Trade centre S erenia Residences, Dubai S iemens S ubstations Qatar Mall of the Emirates UAE

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S iemens S ubstations, Qatar Mall of the Emirates, UAE

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R ili t k t Resilient markets

  • Resilient markets
  • Revenues* +34%

to £279.0m (YE 2014: £207.9m)

  • Total operating profit increased to
  • Total operating profit increased to

£13.0m (YE2014: £10.8m)

  • S

trong order book

  • Highlights
  • Qatar strong (Vision 2030 World

Qatar strong (Vision 2030, World Cup 2022)

  • UAE strong (Expo 2020)
  • Oman steady

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* Share of associates results

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O Our customers

Redefining the future for people and places | 27

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E i S i Equipment Services

Innovative design Virtual reality modelling

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Rustenburg Road bridge, South Africa West Corridor road, Qatar

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A Gl b l b i A Global business

  • A Global business
  • Revenue +8%
  • Operating profit +58%

to £41.9m

  • Driving innovation, driving margin
  • New services (Groundshoring)

New services (Groundshoring)

  • Embracing technology (3D imaging)
  • Better supply chain management
  • Highlights
  • Broad based performance

Broad based performance – Middle East – UK – Far East S t i bl hi h i

Redefining the future for people and places | 29

  • S

ustainable higher margins

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O l k Outlook

  • Good near-term visibility despite mixed market backdrop

Good near term visibility despite mixed market backdrop

  • Growing demand in UK S

upport S ervices

  • Impact of NLW previously flagged
  • Expect improved performance in UK Construction
  • Expect improved performance in UK Construction
  • Middle East lead indicators resilient despite market uncertainty
  • Continued strong momentum in Equipment S

ervices

  • Long term growth drivers intact

D hi h

  • Demographic changes
  • Infrastructure investment
  • Increased public sector outsourcing
  • Confident of delivering sustainable total shareholder returns

Redefining the future for people and places | 30

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Growth across the Group

  • S

ustained demand growth

Growth across the Group

HY2015

S ustained demand growth

  • Demographic change
  • Infrastructure
  • Efficiency
  • Revenue +10%
  • Maj or player in all our

markets

Strong market position

  • Efficiency
  • S

ustainability

  • Future Workload £7.7bn

1 2

position Attractive growth fundamentals &

  • pportunities

K t i

  • pportunities

Strong growth record

  • Key metrics
  • Flexible capital allocation
  • Delivering sustained

h

  • Headline EPS

+15%

  • Dividend +6%
  • 6%

DPS CAGR last 5 years

3 4

Disciplined performance management

growth

  • Headwinds & tailwinds
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Questions

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Appendix 1 Appendix 1 Workload and revenue

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Substantial future workload

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Strong near-term revenue visibility g y

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Strong Platform for Growth g

Group revenue mix by sector Group revenue mix by sector

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SLIDE 37

Strong Platform for Growth g

O i fi b i i Operating profit by activity

Operating profit by geography

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Appendix 2 Appendix 2 Exceptional items

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E i l i Exceptional items

£ illi 2015 £ million 2015 Initial (1 5) Initial (1.5) esg (1.5) Paragon earnout charge (1.8) Exceptional charge (4.8)

Redefining the future for people and places | 39