February 21, 2019 / 7:09 AM / 9 months ago

Outsourcer Serco lifts outlook as 2018 marks positive turning point

EDINBURGH, Feb 21 (Reuters) - Britain’s Serco raised its revenue and profit expectations for 2019 after a run of recent contract wins, aiming to outpace a sluggish outsourcing sector dogged by what its chief executive called “the fog of Brexit”.

The group raised its 2019 revenue guidance by 3.6 percent to between 2.9 billion pounds ($3.8 billion) and 3 billion pounds, from 2.8 billion to 2.9 billion pounds, and said profit would be about 105 million pounds, above previous guidance of 95 million to 100 million pounds.

Serco, which provides services such as administration, training and custody in public defence, justice, transport and health departments, said that 2018 underlying trading profit rose 40 percent in constant currency terms to 93.1 million pounds, meeting recently raised targets.

Revenue fell 2 percent to 2.8 billion pounds, though growth turned positive in the second half. ($1 = 0.7675 pounds) (Reporting by Elisabeth O’Leary Editing by David Goodman)

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