Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSerco Share News (SRP)

Share Price Information for Serco (SRP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 178.00
Bid: 178.00
Ask: 178.20
Change: 1.70 (0.96%)
Spread: 0.20 (0.112%)
Open: 177.20
High: 178.40
Low: 176.20
Prev. Close: 176.30
SRP Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Serco announces GBP140 million share buyback programme as profit jumps

Thu, 29th Feb 2024 10:34

(Alliance News) - Serco Group PLC on Thursday said it expected to continue to grow in 2024 as it announced a jump in profit and a new share buyback programme.

The Hampshire-based outsourcer said pretax profit jumped 26% to GBP247.0 million in 2023 from GBP196.8 million a year prior.

Revenue climbed 7.5% to GBP4.87 billion from GBP4.53 billion. Cost of sales increased 8.4% to GBP4.38 billion from GBP4.04 billion.

Serco reported a gain from exceptional operating items of GBP53.8 million, compared to a loss of GBP2.4 million in 2022.

The company declared a final dividend per share of 2.27 pence, up 18% from 1.92p. This brings the total dividend to 3.41p per share, up 19% from 2.86p.

Further, it announced a new GBP140 million share buyback programme.

Looking ahead, the company said: "Our medium-term targets remain unchanged. We expect to grow revenue at an average of 4-6% a year. Our focus on productivity and efficiency will help us increase our margins. At least 80% of our operating profit will be converted into cash."

Serco continues to target revenue around GBP4.8 billion for 2024, a bit lower than the 2023 top-line. Further, it anticipated a decline in organic sales of 3%, but expects underlying operating profit to increase 4.4% to GBP260 million in 2024 from GBP249 million in 2023.

Serco updated its adjusted net debt guidance for 2024, now expecting it to increase to GBP175 million in 2024 from GBP109 million in 2023. Previous guidance from mid-December had adjusted net debt falling to GBP85 million in 2024. The new debt guidance reflects "a stronger outcome on free cash flow than expected in 2023," and the new share buyback programme Serco just announced.

Serco shares rose 6.1% to 190.20 pence each on Thursday morning in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
15 Nov 2021 07:45

LONDON MARKET PRE-OPEN: Shell simplifies shares; CMC to mull split

LONDON MARKET PRE-OPEN: Shell simplifies shares; CMC to mull split

Read more
15 Nov 2021 07:05

Serco lifts guidance but sees lower Covid-related work in 2022

(Sharecast News) - Government outsourcer Serco on Monday lifted profits guidance after better-than-expected trading in Australia and the UK from Covid-related and other work.

Read more
5 Oct 2021 16:06

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
24 Sep 2021 12:24

IN BRIEF: Serco says former Swissport CEO quits non-exec director role

IN BRIEF: Serco says former Swissport CEO quits non-exec director role

Read more
24 Sep 2021 07:37

UPDATE 2-UK's Mitie lifts profit view on COVID contracts boost, office returns

* Mitie raises 2022 profit to 145-155 million pounds* Agrees "more favourable" terms on new credit facility* Shares rise 3% (Adds shares, details, background)By Yadarisa ShabongSept 24 (Reuters) - Britain's Mitie hiked its fiscal 2022 profit foreca...

Read more
15 Sep 2021 14:52

DIRECTOR DEALINGS: James Fisher top team buys; Blackbird CEO buys

DIRECTOR DEALINGS: James Fisher top team buys; Blackbird CEO buys

Read more
9 Sep 2021 16:00

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
5 Aug 2021 09:52

Serco reports increase in interim profit as it reinstates dividend

Serco reports increase in interim profit as it reinstates dividend

Read more
5 Aug 2021 08:08

Serco H1 profits jumps amid strong performances in UK, Australia

(Sharecast News) - Outsourcer Serco reported a rise in first-half profit on Thursday, with revenues underpinned by strong performances in the UK and Australia and government coronavirus contracts.

Read more
29 Jul 2021 16:00

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
27 Jul 2021 12:16

UPDATE 2-UK's Mitie confident on outlook as offices reopen

* Q1 revenue excluding Interserve up 36%* Says confident of H2 and FY as UK reopens* Shares up 5% - top of FTSE 250 (Recasts, adds analyst comment, background)By Yadarisa ShabongJuly 27 (Reuters) - British outsourcer Mitie said on Tuesday it was co...

Read more
27 Jul 2021 12:16

UPDATE 2-UK's Mitie confident on outlook as offices reopen

* Q1 revenue excluding Interserve up 36%* Says confident of H2 and FY as UK reopens* Shares up 5% - top of FTSE 250 (Recasts, adds analyst comment, background)By Yadarisa ShabongJuly 27 (Reuters) - British outsourcer Mitie said on Tuesday it was co...

Read more
1 Jul 2021 13:45

Thursday broker round-up

(Sharecast News) - Ascential: Berenberg upgrades to buy with a target price of 485p.

Read more
30 Jun 2021 09:26

Serco guides for strong first half amid boost from Covid-19 contracts

Serco guides for strong first half amid boost from Covid-19 contracts

Read more
30 Jun 2021 07:36

UPDATE 2-Serco expects COVID boost to fade in H2

* Sees 340 mln stg H1 revenue contribution from COVID services* Sees order intake in H1 at nearly 4 bln stg* CEO eyes labour market as UK and U.S. furlough scheme ends (Adds CEO comments from interview, detail, background)By Yadarisa ShabongJune 30...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.