HOOK (dpa-AFX) - Serco Group plc (SRP.L) reported pretax profit of 74.1 million pounds for the year ended 31 December 2018 compared to 10.6 million pounds, previous year. Profit per share was 5.99 pence compared to a loss of 0.76 pence. Underlying earnings per share was 5.21 pence compared to 3.36 pence.
Fiscal year trading profit was 116.7 million pounds, compared to 45.1 million pounds, last year. Underlying trading profit increased 34% to 93.1 million pounds. Excluding net currency impact, increase was 40%, for the period.
Fiscal year reported revenue declined 3.9% to 2.84 billion pounds. Revenue at constant currency declined 5.6% in the first half, but grew 2.5% in the second half, resulting in a decline for the full year of 1.7%, comprising a 3.1% organic decline from net contract attrition, partially offset by a 1.4% net contribution from acquisitions.
Rupert Soames, Serco Group Chief Executive, said: 'We expect to deliver further progress in 2019, with revenue and underlying trading profit both expected to grow. Beyond 2019, and consistent with our strategy announced in 2015, we believe we will able to continue to improve our margins, with a target of achieving 5% or above in the longer term. We expect Serco to achieve revenue growth of 3-4% in 2019, accelerating to around 5% in 2020 as contracts such as Grafton, Icebreaker, AASC and NGHS become fully operational.'
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