Preliminary Results December 2002
Date : 19 February 2003
2000 | Restated 2001 * | ||
| Turnover | £1325.9m | £1141.2m | Up 16.2% |
| Profit before tax - pre goodwill | £57.0m | £45.2m | Up 26.3% |
| Earnings per share - pre goodwill | 9.58p | 8.25p | Up 16.1% |
| Dividend per share | 2.08p | 1.86p | Up 11.8% |
* The 2001 accounts have been restated after the adoption of UITF34 "Pre-contract costs" in 2002.
HIGHLIGHTS- Serco delivers 15th successive year of double-digit growth
- Excellent organic growth
- 64% of turnover growth from existing contract base - Robust cash performance
- 75% of EBITDA converted to cash - Continued success in winning contracts
- Contract wins totalling £1.2bn
- 122 new contracts awarded
- A further 180 contracts successfully rebid or extended, maintaining our 90% success rate
- In January 2003 we won our largest-ever contract award: a 15-year extension to the Atomic Weapons Establishment contract, adding over £1bn to our forward order book - Substantial range of future opportunities
- Currently addressing a further £12bn of opportunities - Continuing high visibility of revenues
- 91% of 2003 turnover already secured
- Current order book stands at £7.1bn
Kevin Beeston, Executive Chairman, said:
"Serco has delivered another impressive performance - our 15th successive year of strong and profitable growth. In addition we have already secured 91% of our planned revenue for 2003 and 80% of our planned revenue for 2004.
Our markets remain buoyant. Our forward order book continues to grow, and at £7.1bn, is roughly 5.5 times last year's turnover. We are currently addressing a further £12bn of opportunities across a range and scale of activities that ensures we can continue to bid selectively.
Our portfolio approach to a wide range of public sector markets has provided a strong platform during this period of difficult global economic conditions. We remain confident of achieving double-digit growth both this year and over the longer term."
Download PDF [PDF, 258 KB] (Please note: this link will open the page in a new browser window)