LONDON Dec 1 British outsourcing firm Serco
Group stuck to its underlying outlook for next year and
said a long-term turnaround programme should see the company
move into a growth phase from 2018.
The group which provides security, traffic, defence and
education services for governments across the world, said it
expected to report trading profit of between 65 million pounds
($82 million) and 70 million pounds for 2017 on revenues of
around 3.1 billion pounds.
The company did say however that given its low margins and
the sensitivity of its profits to small changes in revenues or
costs, the range of outcomes for 2017 profit was significantly
"Our view of the underlying outlook for 2017 remains
unchanged, which means that we are continuing to make good
progress with the execution of our strategy for the long-term
turnaround of Serco," CEO Rupert Soames said ahead of a capital
markets day on Thursday.
($1 = 0.7974 pounds)
(Reporting by Sarah Young; editing by Kate Holton)