{"id":29116,"date":"2023-06-29T10:05:49","date_gmt":"2023-06-29T14:05:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/ftse-250-round-up-serco-marlowe\/"},"modified":"2023-06-29T10:05:51","modified_gmt":"2023-06-29T14:05:51","slug":"ftse-250-round-up-serco-marlowe","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29116","title":{"rendered":"FTSE 250 Round-Up: Serco, Marlowe"},"content":{"rendered":"
\n

These FTSE 250 shares have gained value following fresh trading updates released on Thursday trading. Here is what they\u2019ve had to say.<\/p>\n

Serco<\/h2>\n

Serco\u2019s share price has soared 10.5% on the day to 157.3p, making it the FTSE 250\u2019s best performer on Thursday. The support services company soared after it upgraded profit expectations for the full year.<\/p>\n

For the first half of 2023 it predicted revenues of \u00a32.5 billion, up 13% year on year or 6% on an organic basis. Serco said that \u201cacross our international portfolio, we are seeing growth in the defence sector and particularly strong growth in the immigration sector.\u201d<\/p>\n

Serco said it expects to report underlying trading profit of \u201cat least\u201d \u00a3140 million for the six months to June. This would represent an 8% annual increase.<\/p>\n

The business declared that \u201cstrong demand for immigration services and the ramp up of contracts signed in prior years more than offsets a 12% negative variance from Covid-related work as well as lower volumes in Asia-Pacific.\u201d<\/p>\n

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Thanks to a solid first half Serco has increased its revenues forecasts for 2023 by 4%. It now expects to report minimum full-year sales of \u00a34.8 billion, up from \u00a34.5 billion last time out.<\/p>\n

It also anticipates underlying trading profit of \u00a3245 million, up 4% from previous guidance. Corresponding profits came in at \u00a3237 million in 2022.<\/p>\n

The FTSE 100 firm also raised its free cash flow forecast for the full year, to \u00a3130 million from \u00a3120 million before. Adjusted net debt is also now expected to fall below the \u00a3200 million marker, to \u00a3190 million.<\/p>\n

Chief executive Mark Irwin commented that \u201cgovernments around the world are increasingly looking to us to help them with the complex and difficult challenges they face and our enhanced focus on customers, colleagues and capabilities enables us to respond to their needs.\u201d<\/p>\n

Irwin noted that the successful integration of ORS \u2014 a European immigration services business which it acquired in September \u2014 and the successful rebid of its Centers for Medicare & Medicaid Services (CMS) contract in the US helped it record strong trading during the first half.<\/p>\n

Marlowe<\/h2>\n

Compliance and risk management specialist Marlowe\u2019s share price also moved northwards following the release of full-year financials. At 595p per share it was last 0.9% higher in Thursday trading.<\/p>\n

Revenues at the business rose 47% during the 12 months to March, to \u00a3465.7 million. This was thanks to guidance-beating record organic revenues which rose 10% during the year.<\/p>\n

Marlowe noted that organic sales increased ahead of the market across the business. At its Governance, Risk & Compliance (GRC) division sales rose 8%. Meanwhile organic revenues at the Testing, Inspection & Certification (TIC) unit increased 11%.<\/p>\n

Adjusted EBITDA at the FTSE 250 firm rose 52% year on year to \u00a382.7 million. This was helped by a 30-basis-point improvement in divisional EBITDA margin, to 19%.<\/p>\n

Chief executive Alex Dacre commented that \u201cwe are pleased to report another strong underlying financial performance in the year in which we saw excellent growth in organic revenues, profits and earnings per share, compounded by selective acquisitions across our service and software business streams.\u201d<\/p>\n

Marlowe said that the new financial year \u201chas started well, with continued organic momentum.\u201d It predicted high-single-digit organic growth for financial 2024 with earnings to be boosted by acquisitions.<\/p>\n

It has made four bolt-on purchases in the financial year to date totalling \u00a315.3 million. This follows the 11 acquisitions the company completed in the previous 12 months.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

These FTSE 250 shares have gained value following fresh trading updates released on Thursday trading. Here is what they\u2019ve had to say. Serco Serco\u2019s share price has soared 10.5% on the day to 157.3p, making it the FTSE 250\u2019s best performer on Thursday. The support services company soared after it upgraded profit expectations for the […]<\/p>\n","protected":false},"author":1,"featured_media":29117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-29116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nFTSE 250 Round-Up: Serco, Marlowe | iFintechWorld<\/title>\n<meta name=\"description\" content=\"These FTSE 250 shares have gained value following fresh trading updates released on Thursday trading. Here is what they\u2019ve had to say. 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