Business
Trading update regarding Coronavirus
Trading update regarding Coronavirus.
About this update from Serco Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5043I\n Serco Group PLC\n 02 April 2020\n \n \n \n \n Trading update regarding Coronavirus\n \n \n \n \n \n 2 April 2020\n \n \n Serco Group plc\n \n \n LEI: 549300PT2CIHYN5GWJ21\n \n \n \n \n \n \n \n \n \n Serco Group plc ('Serco' or 'the Group'), the international service company, today provides an unscheduled update on current trading and our approach to meeting the challenge of the Coronavirus crisis. \n \n \n \n \n \n \n Strong first quarter \n \n \n expected\n \n \n \n \n Previous\n \n \n 2020 guidance withdrawn\n \n \n \n Strong liquidity and leverage position\n \n \n \n Dividend\n \n \n and \n \n \n Executive Directors'\n \n \n cash \n \n \n bonuses deferred\n \n \n \n \n Unwavering focus on \n \n \n helping governments sustain\n \n \n critical public services\n \n \n \n \n \n \n Rupert Soames, Serco Group CEO, said: \"Every crisis is different, and this crisis is no different. It presents business and logistical challenges, complexity and uncertainty, overlaid with illness, fear and dislocation to millions of peoples' lives on a hitherto unseen scale. \n \n \n \n \n \n \"Serco faces the Coronavirus crisis from a position of relative strength, with a record order book, a solid balance sheet, plenty of liquidity and secured sources of funding. Our customers, being governments in over 20 countries, are determined to do whatever it takes to sustain public services and we expect to see continued demand for many, but not all, of our service lines. \n \n \n \n \n \n \"Our priority in this crisis is to support the delivery of essential public services and, within that context, do all we can to protect our employees from harm and our shareholders from loss. Profitability amongst our 500 contracts this year will be affected, some up, some down, and at this stage it is too early to tell how the overall result will net out. In the meantime, we will devote ourselves to doing whatever is required to support public services so that, when the crisis passes, our reputation amongst our customers will be enhanced and our operational capacity and capability will remain intact.\n \n \n \n \n \n \"Words cannot properly express the respect and admiration the conduct of our 55,000 employees deserve. They have stepped up ...