Serco Group plc - 2004 AGM Statement
At today's Annual General Meeting Kevin Beeston, Executive Chairman of Serco,
commented on current trading: 'Serco continues to make the excellent progress
that characterised 2003 and continues to trade in line with market
expectations.
So far this year, we have won or been appointed preferred bidder for more than
£1billion of new work and have maintained our strong underlying organic growth.
Of particular note, Premier Custodial Group was selected as preferred bidder
for a new Prison Escort and Custody Services contract for London and South East
England. The new contract, over seven years, will have a turnover in excess of
£300million. Additionally, we are preferred bidder on our first PFI in the
Middle East. The Joint Technical College in Oman will be built over three years
and will accommodate 2000 students. Serco's share of this joint venture is
projected at $700million.
Our current forward order book stands at over £10billion together with over £
7billion of contract opportunities under evaluation.
As announced at the beginning of this month, a number of contracts in Australia
and New Zealand have been sold. This is in line with our continued focus on
market areas that offer the right growth and profitability. Completion is
expected soon.
Governments around the world continue to consider how to deliver public service
value for the taxpayer. Companies such as Serco have a vital role to play in
this challenge. Our focus remains on sustaining traditionally strong organic
growth whilst continuing to carefully select bid opportunities in large
addressable markets both in the UK and overseas. We are confident of our
ability to maintain strong growth in the business for the foreseeable future.'
- Ends -
For further information please contact:
Serco Group plc
T: +44 (0) 1256 745900
Kevin Beeston Executive Chairman
Dominic Cheetham Corporate Communications Director
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