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2008 Preliminary Results

Date: 27 Feb 2009

Strong performance and attractive markets

Serco Group plc - 2008 Results

2008
2007
% change
Revenue
£3,124m
£2,811m
11.1%
Adjusted profit before tax
£145.3m
£123.2m
17.9%
Profit before tax
£136.1m
£114.6m
18.8%
Adjusted earnings per share
22.20p
18.57p
19.5%
Earnings per share
20.49p
16.98p
20.7%
Dividend per share
5.00p
4.25p
17.6%
Group free cash flow
£94.2m
£97.6m
(3.5)%

Strong operational performance and increasing capabilities in growing markets

  • Signed contracts valued at £3.2bn
  • Win rates of one in two for new bids and 90% of rebids
  • Organic growth broadly spread across markets and sectors
  • Significant progress in developing new markets
  • SI International integration on track

Robust financial performance and secure funding

  • Strong revenue growth of 11.1%
  • Adjusted profit before tax margin increase of 30bps
  • Good cash generation: Group free cash flow of £94.2m
  • £900m of committed debt funding: £64m repayable in 2010 with over 60% maturing from 2013

Substantial order book and continued high revenue visibility

  • Order book of £16.3bn at 31 December 2008
  • Continued high visibility of 90% of planned revenue for 2009, 76% for 2010 and 65% for 2011

Growth prospects increasing: expect continued strong performance

  • Challenging global economic environment fuelling opportunities for efficient delivery of essential services in existing and new markets
  • Flexible and agile business model, £26bn pipeline of opportunities and new markets support expectation of continued strong performance
  • Consistent with previous guidance, expect revenue of approximately £5bn and an improvement in Adjusted operating profit margin of around one per cent to approximately 6.3% by the end of 2012*

Christopher Hyman, Chief Executive of Serco Group plc, said: "In 2008, we delivered strong operational and financial performance. We continued to grow our existing business and further strengthened our capabilities in existing and new markets. While the global economic environment seems likely to remain challenging, we have a substantial order book that gives us high visibility on our future revenues, together with increasing growth prospects. The ability of our business to respond quickly in directing our resources at the best opportunities across the portfolio and addressing our customers' needs supports our ability to deliver continued strong performance."

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Serco in the Media

There are many stories reported by the media around the world about the positive contribution that Serco's people and services are making.

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Last Updated: 27 Feb 2009