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Britain's Serco sticks to 2017 profit forecast
December 1, 2016 / 7:20 AM / a year ago

Britain's Serco sticks to 2017 profit forecast

LONDON, Dec 1 (Reuters) - 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 wider.

“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

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