Information  X 
Enter a valid email address

Serco reinstates dividend after achieving 'escape velocity' from missteps

By BFN News | 07:27 AM | Wednesday 26 February, 2020

Security services company Serco booked an 8.9% rise in annual profit and reinstated its dividend after contract wins helped it boost its revenue. Pre-tax profit for the year through December climbed to £80.7m, up from £74.1m on-year. Revenue rose 13% to £3.25bn and 'underlying trading profit' rose 29% to £120.2m. Serco declared a full-year dividend of 1p per share ending a long multi-year drought. Chief executive Rupert Soames said 2019 represented the company's first year of revenue growth since 2013 and second successive year of profit growth. Serco had 'finally achieved escape velocity, leaving behind the gravitational pull of past mis-steps', he said, and now had confidence to pay a dividend for the first time since 2014. 'We expect continued strong progress in 2020,' Soames added. Story provided by

a d v e r t i s e m e n t