International growth gives Serco revenue double-digit boost

International services company Serco has announced a 10.3% rise in revenue.

The firm’s turnover for 2007 stood at £2.8bn, up from £2.5bn last year. The preliminary results also show a 6.7% rise in profit, to £114.6m.

The company’s international business grew substantially last year, with deals won including a $260m (£130.6m) contract with the US Postal Service, the Aus$100m (£47.2m) Borallon Correctional Centre in Queensland, and preferred bidder status for operation of the Dubai Metro (a contract worth up to £400m).

Serco’s home market performance has also seen major wins, such as a defence marine services contract for £750m, an integrated facilities win at Forth Valley worth £450m and preferred bidder status for a Glasgow City Council strategic partnership contract worth £265m.

Christopher Hyman, chief executive of Serco Group plc, said that 2007 had been “an excellent year”. He added: “We were awarded significant contracts in existing markets and used skills developed in the UK to build positions in markets such as Australian home affairs and Middle Eastern transport.

“We also reaped the benefits of the capabilities we have acquired in recent years, winning record levels of work in the US, securing the prestigious e-Borders programme in the UK and one of the first local authority strategic partnerships. At the same time, we further increased our margins. This success underpins our optimism for 2008 and beyond.”