Wednesday, 26 August 2009

Serco targets double-digit growth in 2009

(By Anthony Miller – Wednesday 26th August 2009 7:30am). It looks like it’s ‘onwards and upwards’ for UK-based BPO giant Serco. Half-time revenues came in just shy of £2b, up 21% at constant currency, about half of which was organic (see here). CEO Chris Hyman expects to maintain double-digit organic growth this year, which at current course and speed would be a better result than Capita (see Growth slows at Capita). On the other hand, Serco’s 5.2% operating margins (+30bps yoy) are under half Capita’s, reflecting the latter’s advantage in sticking to back-office processing. Serco are incredibly opaque about their ‘traditional’ IT services and back-office BPO activities, so I am off to their results briefing to see if I can rent some holes in the curtain and peek through.

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