29th Apr 2005 06:00
Serco Group plc AGM Statement At today's Annual General Meeting Kevin Beeston, Executive Chairman of SercoGroup plc ("Serco"), will make the following comments on current trading:"Serco has made a very good start to 2005 and is trading in line withexpectations. Our base of around 600 contracts continues to deliver the strongorganic growth that is the bedrock of the business. In addition, so far thisyear we have won or been appointed preferred bidder for new contracts valued ataround ‚£1.9bn."In February we signed the Defence Academy Campus Integrator contract with theUK Ministry of Defence. This contract, valued at around ‚£400m to us over 24years, started on 1 April. In March our joint venture with Equion was appointedpreferred bidder for the Leicester University Hospitals Pathway PFI. Theassociated operating contract will generate around ‚£1.2bn of revenues for Sercoover 35 years. Also in March, we were appointed preferred bidder for a 30 yearcontract to operate and maintain a rapid rail transit line in Vancouver,Canada, along with our partner SNC-Lavalin. The contract will be worth aroundC$500m to Serco."Other key events during the first four months of the year included thesuccessful phasing-in of our largest ever contract, Northern Rail, which isperforming strongly. We also completed the acquisitions of ITNET plc inFebruary and RCI Holding Corporation in March. The integration of bothbusinesses is proceeding well and they are performing in line with ourexpectations. We are encouraged by the prospects of both businesses and havebegun the process of identifying revenue synergies."Overall, market conditions for the Group remain favourable. We continue to seemore opportunities than we can bid for, allowing us to be selective in seekingnew growth opportunities. We remain confident of our ability to deliver strongand profitable growth, both this year and for the foreseeable future." - Ends - For further information please contact Serco Group plc: T +44 (0) 1256 745 900Dominic Cheetham, Corporate Communications DirectorRichard Hollins, Head of Investor RelationsNotes to editorsSerco is one of the world's leading service companies operating on aninternational basis in a diverse range of sectors, including health, education,science, local government, transport, justice and defence. More information canbe found at www.serco.com.ENDSERCO GROUP PLCRelated Shares:
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