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Prices & Quotes - UK Markets - Serco Group (SRP)

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Share Price:
Up 136.60p
Change Today:
0.70p
Market Cap:
1,663.80m
Sector:
Support Services

Serco sees H1 profits up more than 50% on Covid contracts

By Frank Prenesti

Date: Wednesday 30 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Government contractor Serco said it expected interim underlying trading profits to rise more than 50% driven by its work running the UK's Covid track and trace system.
The company on Wednesday said interim underlying trading profits would come in at 120m - 125m, with a 19% rise in revenue to around 2.2bn, although it warned that Covid-related revenues would fall in the second half.

Serco said about 340m of first-half revenues are expected to be related to Covid-19, up from 80m a year earlier.

"We have seen particularly strong revenue growth in the first half in the UK and Australia. Whilst it is not realistically possible to accurately forecast Covid-19 related revenues, given the constantly evolving situation, our expectation is that revenues related to Covid-19 will drop significantly in the second half, Serco said.

"Notwithstanding this, we expect revenue to show growth in the second half versus the same period in 2020.

Serco, said growth in trading profits has been driven by continued strong demand for its Covid-19 work and growth in a range of other contracts, notably in Justice & Immigration and Citizens Services.

"The net impact of Covid-19 will be stronger than 2020 as a result of both increased volumes on Covid-19 contracts, and as those parts of the business that saw significant losses last year - notably Leisure, Transport and Health - show signs of improvement," it added.

Serco earlier this month raised its 2021 profit outlook by 15m to around 200m.

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Serco Group Market Data

Currency UK Pounds
Price 136.60p
Change Today 0.70p
52 Week High 145.80p
52 Week Low 106.60p
Volume 1,662,748
Shares Issued 1,218.01m
Market Cap 1,663.80m

Performance Indicators

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What The Brokers Say

Strong Buy 10
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 11
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Serco Group Dividends

  Latest Previous
  1st Interim Final
Ex-Div 16-Sep-21 13-May-21
Paid 12-Oct-21 04-Jun-21
Amount 0.80p 1.40p

Trades for 21-Sep-2021

Time Volume / Share Price
16:35 737,289 @ 136.60p
16:29 1 @ 136.40p
16:29 6 @ 136.40p
16:29 62 @ 136.40p
16:29 2,239 @ 136.60p

Serco Group Key Personnel