Serco sees second-half rebound

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Serco has delivered the anticipated pick-up in performance in the second half and is on track to meet full year expectations.

The outsourcing specialist expects conditions to remain challenging in the US but further improvement is expected in its UK markets, while strong performances from its Africa, Middle East, Asia and Australia (AMEAA) and Global Services Business Process Outsourcing (BPO) operations are anticipated to continue.

The organic revenue decline of 2% in the first half of the year is tipped to improve to strong growth in the second half, reflecting new contract awards flowing through to revenues. Full-year operating margin should be similar to that achieved in 2011, as revenue growth picks up and underlying efficiency improvements kick in.

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As previously communicated, free cash generation is also expected to be weighted to the second half. A higher level of working capital investment related to the growth in our BPO-related contracts is still anticipated.

JH