Liberum repeated its ‘buy’ recommendation and 200p price target on shares in outsourcing group Serco Group PLC (LSE:SRP) after an upbeat update on trading.
In a recent statement, Serco indicated that its full-year (FY) 2022 performance is expected to be slightly ahead of expectations, with a 3% increase in profits.
This was thanks in part to strong growth in the UK in immigration-related revenues and the ‘annualisation’ of the WBB acquisition made last year.
The shares, which are up 10% in the year to date, were off 1.8% in afternoon trade at 153.2p.