Serco sees profits up as coalition makes savings

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The outsourcer enjoyed a 10% leap in half-year, pre-tax profit to £111.8 million. It won £2.5 billion worth of contracts in the first six months of the year, including a 10-year, £420-million deal to run prisoner escort and custody services for London and the east of England, as the coalition Government outsources work from the public sector to save money.

Serco also maintains the Woolwich ferry, all the traffic lights in central London, the pathology services at Guy's and St Thomas' Hospital and the Government's Emergency Planning College, which helps Britain plan for catastrophes. But it still claimed it is feeling "the impact of austerity measures in the UK".

Chief executive Christopher Hyman said: "The traditional UK and US markets have probably experienced their toughest time in recent history. We expect that might continue for the next 12 and possibly 24 months, [but] believe that we will see the Far East and Middle East growth continue to support and make up for a good part of the lost growth here."

The revenues of Serco business in the UK were broadly flat with overall growth of 4.9% across the international business driven by exceptionally strong growth of 44% of its business in Australia, the Middle East and India.