Outsourcing giant Serco is becoming more international in its outlook with 44% of group revenue now generated outside of the UK.
The group said 2011 was a year of "solid operational performance and contract awards across the portfolio", reflected in a 7.4% increase in revenue to £4,646m from £4,327m in 2011. The organic revenue growth rate was 3.5%. The market had been expecting a revenue figure of £4,622m.
Adjusted profit before tax rose 13.4% to £262.2m from £231.3m in 2010, ahead of market expectations of £251.7m, while adjusted earnings per share also came in above expectations (38.15p) at 39.59p, up 14.1% on 2010's 34.69p.
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
The full year dividend has been increased more or less in line with earnings to 8.40p from 7.35p in 2010. The market consensus forecast was for a dividend of 8.18p.
More to follow ...
jh
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
