Serco holds guidance, to start £50m buyback

(Sharecast News) - UK government contractor Serco on Thursday held updated guidance as it posted a rise in half-year earnings and unveiled a £50m share buyback. Underlying operating profit for the six months to June 30 rose 2% year on year to £146m. Reported revenue increased to £2.41bn from £2.35bn a year earlier.

The company in June lifted guidance, with full-year organic revenues expected to improve by around 1% due to higher than anticipated activity levels in the immigration sector, while overall revenue guidance was hiked to £4.9bn from £4.8bn. Underlying operating profit guidance of £260.0m was unchanged.

Reporting by Frank Prenesti for Sharecast.com