Serco expects higher 2016 profit

Serco Group, a British business process outsourcing company, expects its full-year 2016 profit to grow on the back of several extended and more profitable contracts. In a statement, Serco, which also operates a number of contact centers in the Philippines, said several contracts had run longer than previously anticipated. Serco added that underlying trading profit is expected to be not less than GBP65m (USD96m), ahead of the previously forecast of about GBP50m. Revenue was also expected to be about GBP2.9bn (USD4.3bn), higher than a previous guidance of about GBP2.8bn (USD4.1bn). Serco said its expectations remained unchanged for 2017.