HOOK (dpa-AFX) - Serco Group Plc. (SRP.L) said it has had a strong first quarter for the 2020 financial year. Organic revenue growth is likely to have been around 10%. Underlying Trading Profit for the quarter is anticipated to be at or slightly ahead of its phased budget.
The company has withdrawn its guidance for fiscal year 2020.
The company has withdrawn a resolution it had intended to propose at the Annual General Meeting authorising the payment of a final dividend in respect of 2019.
It does not seem right to be spending cash on Executive Directors' bonuses earned in respect of 2019 whilst government and shareholders are helping the company to maintain financial resilience; therefore, these will be deferred, reducing cash outflows by around 1.4 million pounds, Serco said.
Copyright RTT News/dpa-AFX
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