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HOOK (dpa-AFX) - Serco Group Plc (SRP.L), a provider of services to governments, announced Thursday that it expects fiscal 2020 underlying trading profit or UTP to grow by around 35 percent to 160 million pounds to 165 million pounds, consistent with previous guidance. The margin is expected to increase by around 40 basis points to slightly above 4 percent.
Further, revenue for the year is expected to grow by 19 percent to 3.9 billion pounds, with organic growth of 16 percent.
Looking ahead for fiscal 2021, the company expects revenue and UTP to be slightly higher than 2020, reflecting a similar performance for the existing business and a small increase from the acquisition of Facilities First in Australia.
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Serco set for profit bump on back of Covid contracts
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Outsourcing giant Serco today said that it was on course for a 35 per cent jump in profit this year thanks to its role in supplying key government coronavirus programmes.
The FTSE 250 group said that profit would come in at £160m-£165m for the year, while revenue is also set to increase 19 per cent to £3.9bn.
Serco has been involved in supplying a number of coronavirus services, including the NHS’s much derided Test and Trace System.
The firm has come under fire for its role in the programme, which has been lambasted for not identifying enough transmission risks.
About Serco Serco is a leading provider of public services. Our customers are governments or others operating in the public sector. We gain scale, expertise and diversification by operating internationally across five sectors and four geographies: Defence, Justice & Immigration, Transport, Health and Citizen Services, delivered in UK & Europe, North America, Asia Pacific and the Middle East. More information can be found at www.serco.com Forward looking statements This announcement contains statements which are, or may be deemed to be, forward-looking statements which are prospective in nature. All statements other than statements of historical fact are forward-looking statements. Generally, words such as expect , anticipate , may , could , should , will , aspire , aim , plan , target , goal , ambition , intend and similar expressions identify forward looking-statements. By their nature, these forward-looking stat
Serco Guides For Profit And Revenue Rises In 2020 And 2021
Thu, 17th Dec 2020 11:03
(Alliance News) - Serco Group PLC on Thursday said it expects to report a stronger performance in 2020, fostering confidence in continued growth in 2021.
Shares in the Hampshire-based outsourcer were up 3.4% at 124.10 pence on Thursday in London.
For 2020, underlying trading profit is expected to rise by around 35% to between GBP160 million and GBP165 million, compared to GBP120.2 million in 2019.
This is on revenue that is anticipated to grow by 19% year-on-year to GBP3.9 billion from GBP3.25 billion, driven by a contribution from the NSBU naval business in North America, the provision of Covid-19 related services in the UK and strong demand from Services Australia and Serco s Immigration Services units. Organic revenue growth is seen at 16%.