Express & Star

Annual revenue rises 7pc for Serco

Outsourcing group Serco, which runs leisure centres in Shropshire and waste services in Sandwell, saw revenue grown by seven per cent to £4.87 billion last year.

A Serco prison van arriving at the Old Bailey

Reported operating profit jumped by 25 per cent to £272 million.

The group had an order intake of £4.6bn in the year and the total order book remains strong at £13.6bn.

It has a pipeline of potential new work of £10.1bn – up 28 per cent since the half year and the highest level in a decade.

A new £140m share buyback its taking place in 2024 to continue to return capital to shareholders as a result of strong trading.

Mark Irwin, the group chief executive, said: "We are making good progress in building a resilient international platform for growth in the government services sector. Our strong results for 2023 reflect this progress, with another year of growth in revenue and profit and continued excellent cash generation.

"We enhanced our customer relationships and improved our win rates compared to the prior year, delivered better safety outcomes for our colleagues, and announced two strategic acquisitions to strengthen our capabilities.

"We have entered 2024 with increased execution focus on service excellence to our customers, effective conversion of a substantial pipeline of opportunities, the safety and productivity of our colleagues, and progressing the technology-enablement of our business, all aligned to delivery of our medium-term goals."

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