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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.
European Market Open: Brexit, vaccine hopes to push indices higher
Joshua Warner December 17, 2020 8:48 AM
Progress with Brexit talks and expectations that the EU will begin to vaccinate its population before the end of the year is to push European indices higher this morning. Share:
European indices are set to open higher this morning, as hopes for a Brexit deal improve and markets prepare for the EU to begin rolling-out its first coronavirus vaccine before the end of the year.
The Bank of England takes centre stage today, with the central bank expected to hold rates and its monetary policy steady.
Outsourcer Serco sees slightly higher 2021 profit, names new finance head reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Serco sees underlying trading profit rise of 35% Published: Dec. 17, 2020 at 3:02 a.m. ET By Resize icon
Serco Group PLC said Thursday that it expects underlying trading profit for 2020 to rise around 35%, and named Director of Finance Nigel Crossley as its next chief financial officer.
The support-services company expects underlying trading profit a metric that excludes exceptional costs to be in the range of 160 million to 165 million pounds ($216.1 million-$222.9 million) for 2020 compared with GBP120.2 million for 2019. Revenue is set to rise 19% to GBP3.9 billion.
For 2021, the company expects revenue to be GBP4.1 billion, while underlying trading profit is expected to be around GBP165 million.
For further information please contact: Paul Checketts, Head of Investor Relations, tel: +44 (0) 7718 195 074 or email: [email protected] Marcus De Ville, Head of Media Relations; tel +44 (0) 7738 898 550 or email: [email protected] Angus Cockburn will work his contractual notice period which will run from December 2020 to December 2021. He will step down as an Executive Director with effect from the AGM in April 2021 and will remain an employee of the Group receiving his normal annual basic salary and contractual benefits, paid monthly in arrears, until his notice period expires. He will not participate in the 2021 bonus or long-term incentive schemes, but as he will be retiring he will be a good leaver in respect of Serco s incentive schemes.