Business
Half-year Report
Half-year Report.
About this update from Serco Group Plc
[{"type":"text","content":"\n\n2024 half year results\nSerco Group\n1 August 2024\n \nOn track for full year following good progress in first half\n \nHighlights\n\n\n\n\n-\n\n\nRevenue: £2.4bn, in line with expectations.\n\n\n\n\n-\n\n\nMargin: Focus on enhancing performance across our portfolio delivered margin of 6.0%.\n\n\n\n\n-\n\n\nUnderlying operating profit: Ahead of plan at £142m. Approximately 60% of Group underlying operating profit derived from outside the UK1.\n\n\n\n\n-\n\n\nCash flow: Free cash flow £75m, on track for full year trading cash conversion of at least 80%.\n\n\n\n\n-\n\n\nStrong financial position: Adjusted net debt of £131m, Leverage 0.6x net debt to EBITDA.\n\n\n\n\n-\n\n\nOrder intake: £1.9bn of wins, order book remains strong at £13.5bn.\n\n\n\n\n-\n\n\nPipeline: Pipeline of potential new work remains high at £10.2bn.\n\n\n\n\n-\n\n\nDividend per share: Interim dividend per share of 1.34p, +18% year on year.\n\n\n\n\n-\n\n\nShare buyback: £57m of £140m share buyback completed, remainder in second half.\n\n\n\n\n-\n\n\nGuidance for 2024: Unchanged following upgrade to profit and cash in trading statement on 27 June.\n\n\n\n\n \n\n\n\n\nPeriod ended 30 June\n\n\n2024\n\n\n2023\n\n\nChange at reported currency\n\n\nChange at constant currency\n\n\n\n\nReported revenue\n\n\n£2,359m\n\n\n£2,472m\n\n\n (5)%\n\n\n (3)%\n\n\n\n\nUnderlying operating profit\n\n\n£142m\n\n\n£148m\n\n\n (4)%\n\n\n (2)%\n\n\n\n\nReported operating profit\n\n\n£130m\n\n\n£188m\n\n\n (31)%\n\n\n \n\n\n\n\nUnderlying earnings per share (EPS), diluted\n\n\n8.54p\n\n\n9.40p\n\n\n (9)%\n\n\n \n\n\n\n\nReported EPS (i.e. after exceptional items), diluted\n\n\n7.68p\n\n\n12.96p\n\n\n (41)%\n\n\n \n\n\n\n\nDividend per share (recommended)\n\n\n1.34p\n\n\n1.14p\n\n\n 18%\n\n\n \n\n\n\n\nFree cash flow\n\n\n£75m\n\n\n£98m\n\n\n (23)%\n\n\n \n\n\n\n\nNet cash inflow from operating activities\n\n\n£189m\n\n\n£209m\n\n\n (10)%\n\n\n \n\n\n\n\nAdjusted net debt\n\n\n£131m\n\n\n£216m\n\n\n (39)%\n\n\n \n\n\n\n\nReported net debt\n\n\n£631m\n\n\n£654m\n\n\n (4)%\n\n\n \n\n\n\n\n \nMark Irwin, Serco Group Ch...