Serco Group Expects Revenue to Rise in 2023
Serco Group, the U.K. outsourcing company, has announced that it anticipates revenue to increase this year in line with guidance, with revenue expected to remain steady in the following year.
For 2023, Serco expects revenue to reach around £4.8 billion, reflecting organic growth in the immigration and defense sectors, compared to £4.5 billion in the previous year. This positive outlook is driven by new contracts, improvements to the existing portfolio, and contributions from acquisitions.
The company projects a 6% growth in underlying operating profit for 2023, amounting to £245 million. This metric, which excludes exceptional and one-off items, highlights the company's performance. Serco had initially estimated revenue for 2023 to be at least £4.8 billion, with underlying operating profit expected to be around £245 million.
Furthermore, Serco forecasts an increase in underlying operating profit to £260 million for the year 2024.
Serco's Chief Executive, Mark Irwin, emphasized the company's strong focus on execution, which has resulted in better-than-expected full-year outcomes. Irwin expressed confidence in Serco's performance in the second half of the year.
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