HOOK (dpa-AFX) - Serco (SRP.L) issued scheduled closed period update of trading for the first six months of 2024. Serco expects first half underlying operating profit to be better than plan at approximately 140 million pounds, which is compared with 148 million pounds delivered in the same period last year. The Group reported that Group revenue is in line with expectations at around 2.4 billion pounds, which is 4% lower than the 2.5 billion pounds reported in the first half of 2023. On an organic basis, revenue is expected to be 4%-5% lower.
Looking forward, Serco said the first half performance supports increasing profit guidance for the full year by 10 million pounds, or 4%. The Group now expects underlying operating profit of approximately 270 million pounds, 9% higher than 2023, with margins increasing by around 50 basis points. The Group said it it is on track to meet its revenue guidance for the full year. The Group continues to expect revenue of around 4.8 billion pounds, slightly below 4.9 billion pounds outturn for 2023, with a 3% organic contraction.
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