britain’s serco shares get boost from upbeat outlook
Last Updated : GMT 07:25:12
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 07:25:12
Arab Today, arab today

Britain’s Serco shares get boost from upbeat outlook

Arab Today, arab today

Arab Today, arab today Britain’s Serco shares get boost from upbeat outlook

Serco, which is undergoing an overhaul started three years ago
Edinburgh - Arab Today

An upbeat outlook on Wednesday from Serco lifted shares in the British outsourcer, which runs government services in defense, justice, immigration, transport and health, bucking recent pressure on the sector due to political uncertainty.
Serco said strong growth in overseas markets was offsetting slower prospects at home because of Brexit. Combined with cost cutting, this meant its 2017 underlying trading profit would be at the top end of an earlier forecast range.
Although Chief Executive Rupert Soames was positive about the prospects for Serco once Britain’s exit from the EU is decided, he said the pipeline was unpredictable.
“Some markets, and in particular the UK, are currently growing more slowly than their former trend rate,” he said in a statement.
“The (UK) government is incredibly distracted at the moment,” he later told Reuters.
“That’s a threat, but once Brexit is done, the one thing that is absolutely certain is that there is going to be a whole lot more government going on in the UK, and we’re going to have to have different arrangements at borders,” he added.
Soames cited the need to set up new regulatory agencies and new environmental compliance rules as reasons to be more positive on the British market in the future.
Serco, which is undergoing an overhaul started three years ago after a series of profit warnings prompted a reset of its strategy, said 2017 revenues would be just under £3 billion, while it also saw good profit growth in 2018 and 2019.
Shares in the company, which had fallen by nearly 16 percent in the last three months, were up by 5.6 percent to 100.7 pence at 1051 GMT, after earlier rising as much as 13 percent.
Outsourcers have been grappling with global political uncertainty which is hampering the pace of decision-making in the public and private sector and increasing margin pressure.
Serco also announced the purchase of some of the UK health care facilities of debt-laden Carillion for about £47.7 million.
It said the timing of reaching a long-term goal of 5 to 7 percent revenue growth and 5 to 6 percent profit margin would depend on when demand reverted to trend in its target markets.
Soames said Serco was rebalancing its business development budget away from the UK to target other countries but its pipeline of new bid opportunities, currently worth £4 billion to £5 billion, would be “noticeably lower” by the year end.
Serco dropped out of a big Middle Eastern rail contract bid process earlier this year because it was too difficult to predict the level of risk, Soames said.
But its businesses abroad were otherwise performing well, with “green shoots” in its US defense business.

Source:Arabnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

britain’s serco shares get boost from upbeat outlook britain’s serco shares get boost from upbeat outlook

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

britain’s serco shares get boost from upbeat outlook britain’s serco shares get boost from upbeat outlook

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 14:44 2018 Friday ,14 December

Lebanese newspapers' headlines for December 14, 2018

GMT 11:35 2017 Saturday ,02 December

Indonesia reopening Bali airport shut

GMT 21:16 2016 Saturday ,20 August

Wild giant panda spotted in Sichuan forest park

GMT 10:16 2017 Wednesday ,21 June

King Salman appoints son as Saudi Crown Prince

GMT 07:16 2016 Wednesday ,28 December

40 killed in Yemen anti-rebel offensive

GMT 11:17 2017 Monday ,31 July

Director Madmoun begins filming his new film

GMT 20:01 2017 Sunday ,26 February

UAE envoy meets Mexican official

GMT 16:03 2015 Friday ,25 December

Turkish soldier killed in Sirnak province

GMT 04:11 2018 Sunday ,21 January

Trump and 'Davos Man': best of enemies

GMT 19:26 2017 Sunday ,29 January

UK Government Criticizes US Refugee Ban

GMT 08:27 2016 Wednesday ,16 November

Renewed Russian strikes in Syria break international law

GMT 08:32 2017 Monday ,27 February

Film on Syria's White Helmets wins Oscar

GMT 12:58 2017 Friday ,08 December

Manal Salama happy for reactions of her new show

GMT 01:13 2016 Thursday ,01 September

Greek Coast Guard receives distress signal from boat

GMT 09:10 2017 Thursday ,12 January

Iraq forces have retaken 80%

GMT 01:44 2017 Wednesday ,14 June

Myanmar to probe into killing of prominent lawyer

GMT 10:42 2016 Monday ,14 November

Paul Verhoeven bemoans Hollywood's lack of sex
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday