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Serco H1 profits jumps amid strong performances in UK, Australia

By Michele Maatouk

Date: Thursday 05 Aug 2021

Serco H1 profits jumps amid strong performances in UK, Australia

(Sharecast News) - Outsourcer Serco reported a rise in first-half profit on Thursday, with revenues underpinned by strong performances in the UK and Australia and government coronavirus contracts.
In the six months to 30 June, underlying trading profit grew 58% to £123m, with revenue up 19% at £2.2bn. Of the revenue growth, 15% was organic, while acquisitions contributed 5%.

Serco said the high level of organic growth was driven by "very strong" performances from its UK and Australian businesses. About £365m of its global revenues came from services supporting governments' response to Covid-19, up from £130m in the first half of 2020.

Serco declared an interim dividend of 0.8p - its first interim dividend since 2014.

Chief executive Rupert Soames said: "We have had extremely strong order intake, and the book-to-bill ratio was 190%, which bodes well for the future.

"Our three largest divisions - Asia Pacific, North America and UK & Europe - all delivered good growth, and this reflects both the trust our government customers have shown in us during the pandemic, and Serco's ability to respond to their requirements with speed and at scale."

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