Serco 1H Rev GBP2.18B

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By Joe Hope

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Serco Group PLC said Thursday that its first-half pretax profit and revenue rose on contributions from acquisitions and favorable foreign exchange movements, and raised its 2022 guidance for underlying trading profit.

The UK outsourcing company said pretax profit was 113.0 million pounds ($137.2 million) compared with GBP103.7 million for the first half of 2021.

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Underlying trading profit–a key metric for the company, which strips out exceptional and other one-off items–rose to GBP130 million from GBP123 million.

Revenue was GBP2.18 billion compared with GBP2.17 billion the year before, with a minor increase from the WBB acquisition and favorable currency movements to offset the end of the UK’s coronavirus test and trace program.

The board declared an interim dividend of 0.94 pence, up from 0.8 pence a share.

Serco raised its 2022 guidance for underlying trading profit to GBP230 million from GBP225 million due to a strong performance in May and June, and said it continues to expect revenue to be in the range of GBP4.3 billion to GBP4.4 billion. It had already previously raised underlying trading profit guidance by GBP30 million in May.

Write to Joe Hoppe at [email protected]

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Credit: www.marketwatch.com /

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