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Serco Group (SRP) investor relations material
Serco Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary17 Dec, 2025
Financial performance and guidance
2025 revenue expected at approximately £4.9bn, up 3% at constant currency, with 1% organic growth and underlying operating profit around £270m, exceeding prior guidance.
Free cash flow guidance for 2025 increased to £170m, with leverage at about 0.9x net debt to EBITDA.
2026 revenue projected at around £5.0bn, with improved organic growth of 3% and underlying operating profit guidance of £300m, targeting a 6% margin.
Adjusted net debt expected to decrease to ~£150m by end of 2026, with trading cash conversion in line with the 80%+ medium-term target.
Operational and strategic highlights
Order intake for 2025 is strong at about £5.5bn, with a book-to-bill ratio of at least 110%, and two-thirds of awards in defence, mainly in the UK and North America.
Pipeline has reached a new decade high, driven by demand for critical front-line services in complex environments.
Successful integration of MT&S, disposal of Hong Kong business, and mobilisation of Mubadala joint venture in the Middle East.
Major contract wins include HMP Dovegate (UK), Canada's Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
Operational excellence and leadership
Achieved a 20% reduction in colleague safety incidents, fewer lost days, improved attrition, and maintained strong engagement and customer retention.
New CEOs appointed for North America and UK & Europe, bringing international experience and a focus on growth.
How will defence sector growth impact 2026 margin?
Future capital allocation priorities post-buyback
Detail 2026 margin drivers beyond MT&S integration
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Next Serco Group earnings date
H2 20255 Mar, 2026
Next Serco Group earnings date
H2 20255 Mar, 2026
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Frequently asked questions
Serco Group plc is a British company that delivers public services. The company mainly derives its income as a contractor for the provision of government services, most prominently in the sectors of health, transport, justice, immigration, space, defence and citizens services. Serco provides its services across four regions: UK & Europe, North America, Asia Pacific and Middle East. The company is headquartered in Hook, Hampshire, England, and was founded in 1929.
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