Shares in outsourcing giant Serco Group PLC (LSE:SRP) surged 9% following an upgrade in its profit and revenue projections for the current year.
The company told investors it has seen increased demand for its immigration and defence services fuelling this growth.
It now anticipates revenues will hit at least £4.8bn this year, up from £4.5bn in 2022, while underlying trading profits are projected to rise to about £245mln.
London brokerages Liberum and Peel Hunt both reiterated their 'buy' recommendations. The former thinks the stock is worth 200p, the latter 217p.
At 8.47 am, Serco shares were changing hands for 155.2p, up 12.9p.