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    SRP   GB0007973794

SERCO GROUP PLC

(SRP)
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Serco, Engie JV Wins GBP900 Million UK Defense Contracts; Serco Raises Guidance

06/14/2021 | 12:37am EDT

By Joe Hoppe

Serco Group PLC said Monday that its joint venture with France's Engie S.A. has won defense infrastructure contracts with the U.K. government with a base value of 900 million pounds ($1.27 billion), and raised its 2021 guidance.

The U.K. outsourcing group said that VIVO Defence Services has been awarded contracts to provide asset and facilities management services by the Defence Infrastructure Organisation, or DIO, in two out of four U.K. regions.

The core contract value is expected to be GBP900 million over an initial seven-year period, with three one-year extension options. There will be significant additional project work commissioned as required by the DIO, and while value is uncertain the Ministry of Defence estimates they are likely to be worth a further GBP2.5 billion over the seven-year term.

Serco estimated a total potential value of GBP3.4 billion over the seven years, with core work set to begin in February.

The company also said a strong performance at the beginning of the year has persisted through 2021 to date and all four of its divisions are in-line or ahead of budget. It raised its guidance for underlying trading profit for the year by GBP15 million, to GBP200 million.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

06-14-21 0237ET

Stocks mentioned in the article
ChangeLast1st jan.
ENGIE 1.40% 11.558 Real-time Quote.-8.96%
SERCO GROUP PLC 0.21% 142.8 Delayed Quote.19.25%
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Financials
Sales 2021 4 323 M 6 001 M 6 001 M
Net income 2021 121 M 167 M 167 M
Net Debt 2021 578 M 802 M 802 M
P/E ratio 2021 15,0x
Yield 2021 1,64%
Capitalization 1 704 M 2 365 M 2 365 M
EV / Sales 2021 0,53x
EV / Sales 2022 0,54x
Nbr of Employees 55 000
Free-Float 98,2%
Chart SERCO GROUP PLC
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Technical analysis trends SERCO GROUP PLC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 12
Last Close Price 142,50 GBX
Average target price 173,20 GBX
Spread / Average Target 21,5%
EPS Revisions
Managers and Directors
Rupert Christopher Soames Group Chief Executive Officer & Executive Director
Nigel Crossley Group Chief Financial Officer & Director
John F. Rishton Chairman
Anthony Andrew Kirby Chief Operating Officer & Director-Human Resources
Lynne Margaret Peacock Senior Independent Non-Executive Director
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