Outsourcing leviathan Serco is on target to deliver a performance in line with expectations in the current financial year, despite continued tough trading conditions on both sides of the Atlantic.
"While short-term headwinds remain, particularly those facing the US federal contracting industry, longer term developments in our markets and our strong positions are all encouraging factors. This underpins our confidence that the portfolio will sustain growth well into the future," said Serco's chief executive, Christopher Hyman.
The company behind the Barclays-sponsored bike-hire scheme in London said its outlook and guidance for the year remain unchanged from the picture painted on August 24th, when the company released its half-year results.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Assuming the impact of ongoing economic challenges is manageable, our guidance remains that by the end of 2012 we expect increases in revenue to approximately £5bn and in adjusted operating profit margin to approximately 6.3% (excluding material acquisitions, disposals and currency effects)," the company's trading statement said.
--
jh
-
-
Pension withdrawals on the rise, HMRC data reveals
Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.
-
ONS: UK economy recovered from pandemic faster than previously thought
Revisions from the ONS showed the UK economy has grown since the pandemic, while the latest data showed GDP grew in the second quarter of 2023.
