Serco Group plc (SRP) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm Mark Irwin, Group Chief Executive. Thank you for taking the time to join us in person, as well as those who have joined us via the live webcast for this morning's presentation of our 2023 full year results. As always, we appreciate your interest in and support for Serco. May I also acknowledge John Rishton, Chairman of the Serco Board, who is with us this morning. As required, I ask you to note the disclaimer on the screen, which also appears in the results notebooks that you have for those in the room. I'm joined this morning by our group CFO, Nigel Crossley, and as we have done in previous years, I will start with the summary of the year. Nigel will take us through the detailed financials and I will come back to close with some brief comments on where we are with executing our strategic plan before moving to Q&A. The execution focus which gave us the positive start we reported on in our mid-year trading update continues and has driven the strong set of results you see headlined in the summary. On a full year basis for 2023, we've delivered growth in revenue and profit, as well as continued strong cash generation with all of these measures ending the year better than our initial guidance. We grew revenue by 7% to 4.9 billion pounds, underpinned by 4% organic growth. Underlying operating profit increased 5% to £249 million. The business has a proven track record of cash generation and the work that Niger leads across the group to continuously improve has delivered more than £200 million of cash in the year. In our work to build a resilient international growth platform, we had order intake of 4.6 billion pounds and our order book remains healthy at 13.6 billion. A more analytical approach to understanding the market and getting left of the...