Interim Results June 2002
Date : 05 September 2002
6 Months to 30.6.02 | Restated 6 Months 30.6.01 | ||
| Turnover | £625.9m | £525.9m | Up 19.0% |
| Profit before tax - pre goodwill | £28.4m | £24.4m | Up 16.4% |
| Earnings per share | 0.64p | 0.57p | Up 12.3% |
| Underlying pre-tax profit - pre goodwill * | £27.3m | £22.7m | Up 20.5% |
* Underlying pre-tax profit is calculated after adjusting for the effect of acquisitions and non-recurring items. A reconciliation together with more information on our financial performance and accounting policies is in the Financial Review included in this announcement.
Serco on track for 15th year of growth:
- Strong organic growth
- 42% of first half growth from existing contract base - Record value of bids submitted at £4.7bn
- Continued success in winning contracts
- Contracts signed totalling £400m
- 62 new contracts awarded
- Further 56 contracts successfully rebid or extended, maintaining 90% success rate
- Appointed preferred bidder for contracts totalling a further £250m, including Skynet 5 for global military satellite communications for UK armed forces - International growth continues
- Awarded one of the Middle East's first multi-activity outsourcing contracts from Dubai Ports, Customs and Free Zone Corporation - Continuing visibility of earnings
- 98% of 2002 forecast revenues already secured - Forward order book of £6bn
Kevin Beeston, Executive Chairman, said:
"We are on track for a 15th successive year of strong growth. At £6 billion our forward order book remains buoyant and our future earnings are highly visible. During the first half we submitted a record level of bids valued at £4.7 billion and are currently addressing a further £12 billion of opportunities.
In the UK, the additional spending announced by the government in its Comprehensive Spending Review will further enhance our growth prospects; while our existing portfolio of international markets will generate a continuing flow of new opportunities. We are confident of achieving strong growth for the remainder of 2002, and for the longer term we anticipate sustained double-digit organic growth."
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