* The 2001 accounts have been restated after the adoption of UITF34 “Pre-contract costs” in 2002. 

• 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.”