LONDON, March 4 Embattled British outsourcing
group Serco said on Tuesday it was braced for a tough
2014 as it recovers from the impact of government contract
failures, profit warnings and management exits that pushed 2013
annual profit down 6 percent.
The firm, which on Friday named Aggreko chief
executive Rupert Soames as its new boss, said 2013 adjusted
pretax profit fell to 254.4 million pounds ($425 million),
slightly below analyst forecasts of 257 million pounds.
Serco had already warned that restructuring costs taken to
help try and win back Britain's trust would drive profits lower
The company said its order book was worth 17.1 billion
pounds, down 2 billion pounds on a year ago, and a bid pipeline
worth 12 billion pounds over the next two years.
Adjusted net debt for 2013 grew 21 percent to 701 million
pounds due to heavy exceptional charges, although the group said
it still had sufficient financing headroom.