Shares of Serco (LON: SRP) are now trading 23% in the green in June as the positive momentum continues. Serco stock price surged nearly 16% in a single day last week after the firm said that the first-half revenues were up 23%.
Serco, an outsourcing company that specialises in public sector work, had been kept extremely busy during the lockdown. The firm worked with governments around the world to respond to different emergency situations as a result of the COVID-19 outbreak.
“We do one thing which is to serve governments. Governments where we operate across Europe, the US, Australia and the Middle East have moved with remarkable pace to situations where they are dealing with unknowns. We will help them in their efforts to improve the economy over the next year,” Chief executive Rupert Soames said.
Serco expects its underlying trading profit to come in the region of £75 million to £80 million, which is around 50% higher than the £51 million recorded a year earlier. The firm is one of the very few companies in the world to have said that the COVID-19 outbreak has had “little overall impact” on the first-half profits.
Serco share price is currently trading at GBX155.8 (1.2% up on the day), after setting a 4-month high at GBX159.8 last week.
