Home Business NewsBusinessBusiness Growth News Serco profits set to soar up to £165m over Test and Trace contract

Serco profits set to soar up to £165m over Test and Trace contract

by LLB Finance Reporter
16th Oct 20 12:08 pm

Serco the outsourcing giant expect their profits to exceed 2020 predictions between £160m and £165m, due to an uptick in work amid the pandemic.

In an announcement to the London Stock Exchange, the firm said the excess profits will now be returned to the shareholder, along with a consultation on dividend payments under way.

Serco who are leading the governments Test and Trace scheme achieved strong revenue growth in the three months from July.

Serco said this is “an indication of our customer’s satisfaction with the quality of work we have delivered,” which is part of the £12bn committed by the Government.

Serco added, “We have also seen increases in the number of asylum seekers we are looking after on behalf of the Home Office, and our new Prisoner Escorting contract has been successfully mobilised.

“We have now secured an extension to the Emergency Measures Agreement on the Caledonian Sleepers to the end of the year.”

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