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.
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%.