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Serco Group PLC (SRP.L)

SRP.L on London Stock Exchange

25 Oct 2016
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Latest Key Developments (Source: Significant Developments)

Serco forecasts higher full-year profit
Thursday, 4 Aug 2016 02:16am EDT 

Serco Group Plc : H1 revenue 1.518 billion stg versus 1.789 billion stg year ago . 2016 half year results . H1 underlying trading eps 3.7 pence . £0.9bn total value of signed contracts, of which 16 are worth more than £10m each . Pipeline of larger new bid opportunities of £7.3bn, an increase of £0.8bn over period and £2.3bn year-on-year . Board has not declared an interim dividend for 2016 . Targeted for 2016 achieving over £50m of overhead and other cost reductions from central support functions and other overheads . Too early to say how this will play out; our largest customers - ministry of defence and ministry of justice - are amongst least exposed to brexit issues . Overall, we think that brexit offers both risks and opportunities for serco . H1 revenue - continuing and discontinued operations (1) £1,517.9m versus £1,789.3m year earlier . H1 underlying trading profit (2) £51.0m versus £46.9m year earlier . Better trading performance and currency movements lead us to increase guidance for 2016; latest expectations are revenue of approximately £3.0bn and underlying trading profit of not less than £80m . View of 2017 not materially changed on a constant currency basis . Have removed some £550m from our operating costs - ceo . Definition we use for our reported pipeline is new bid opportunities with annual revenue of at least £10m . Must consider how brexit might affect our business with british government.  Full Article

Outsourcing firm Serco says no change to its FY expectations
Thursday, 30 Jun 2016 02:00am EDT 

Serco Group Plc : Close period . There have been no subsequent changes to our expectations . Most of items driving stronger performance will not recur . Underlying trading profit will be weighted significantly to first half of 2016 .Better performance in 2016 has not changed our views for 2017.  Full Article

Serco sees FY underlying trading profit of at least 65 mln stg
Wednesday, 25 May 2016 02:01am EDT 

Serco Group Plc : Financial performance has been stronger than we anticipated in first four months of year . Expect underlying trading profit for 2016 to be ahead of current market expectations . Latest reforecast indicates FY revenue of approximately 2.9 bln stg and FY underlying trading profit of not less than 65 mln stg .Increase in guidance for 2016 does not change our view of likely outcome for 2017.  Full Article

Serco wins 166 mln stg Australian prison contract extension
Wednesday, 24 Feb 2016 02:05am EST 

Serco Group Plc:Extension of contract to operate acacia prison in western australia​.Extended its contract with western australian government to operate acacia prison for a further five years, to may 2021.​.Extension of contract to operate acacia prison ‍.Total value of contract extension, signed today, is expected to be £166m (a$324m) over five year period.​.  Full Article

Serco Inc secures contract from U.S. Navy Personnel Management
Thursday, 22 Oct 2015 09:58am EDT 

Serco Inc:Secures contract to support the U.S. Navy Bureau of Naval Personnel (BUPERS) as they focus on better aligning their personnel resources.Five year contract has a one-year base period and four one-year option periods, with a total value of $15.4 million, if all options are exercised.  Full Article

Serco Group PLC announces sale of offshore private sector BPO operations
Wednesday, 16 Sep 2015 02:03am EDT 

Serco Group PLC:Says it has agreed the sale of its offshore private sector Business Process Outsourcing operations to Blackstone.Says the total enterprise value and gross consideration of the transaction is about 250 mln Euro.Says the transaction is expected to complete around the end of 2015.  Full Article

Serco Group plc's Serco Inc awarded $13 million naval systems installation task order in c4isr market segment
Thursday, 6 Aug 2015 10:06am EDT 

Serco Group plc:Serco Inc says it has been awarded a new task order with the United States Navy, supporting the Space and Naval Systems Warfare Systems Center Atlantic.Says nine-month task order is valued at $13 million.  Full Article

Serco Group PLC reaffirms FY 2015 guidance; gives H1 2015 guidance
Wednesday, 1 Jul 2015 02:00am EDT 

Serco Group PLC:Says expectations for FY 2015 as whole remain unchanged from those the company set out on March 12, with revenue likely to be around 3.5 billion pounds, trading profit around 90 million pounds and EBITDA (as defined for covenant purposes) of about 160 million pounds.Says these expectations do not include any adjustment for disposals that may be completed over remainder of 2015.Expects H1 2015 to report revenue of not less than 1.7 billion pounds.Anticipates H1 2015 trading profit of not less than 45 million pounds.  Full Article

Serco Group PLC announces appointment of non-executive chairman
Thursday, 28 May 2015 02:01am EDT 

Serco Group PLC:Announces that Roy Gardner will be appointed non-executive chairman with effect from July 1, joining the board as non-executive director from June 1 to enable a handover period with current chairman, Alastair Lyons.  Full Article

Serco Group plc announces disposal of Great Southern Rail in Australia
Monday, 30 Mar 2015 02:02am EDT 

Serco Group plc:Says that it has agreed sale of its Great Southern Rail (GSR) business to Australian private equity firm Allegro Funds for an enterprise value and cash consideration of 2.5 million pounds.Transaction is part of disposal programme of businesses identified as not being core to Serco's future strategy, as announced initially in Nov. 2014.Sale is expected to complete in coming months, subject to customary closing conditions and approvals.  Full Article

UPDATE 1-Serco says on road to recovery, shares leap

Aug 4 British outsourcing firm Serco Group Plc raised its 2016 profit forecast for the second time this year and also said Britain's vote to leave the European Union could bring opportunities as well as costs.