Revenue growth of 5.6% for the Group; growth of 5.9% on an organic basis
UK & Europe: organic growth of 3%, driven by first half growth from new contracts won in the previous year
Americas: held steady, with new health and transport contract wins despite a challenging US federal market
AMEAA: organic growth of 18%, supported by increased volume of work in immigration services
Global Services: organic growth of 5%, with strong first half from previous awards partially offset by a weaker second half of the year
Reduced profit and cash generation
Adjusted operating margin from ongoing activities declined to 5.6%, driven in particular by higher BPO bid investment and fewer contract awards in the year
Adjusted earnings per share (basic) of 39.53p, a decline of 2.1% at constant currency
Net exceptional charge of £90.5m, reflecting principally the Electronic Monitoring settlement and one-off costs, together with an estimated £21.0m of other indirect costs in relation to the UK Government reviews
Operating profit of £143.8m, a decline of 44.6% at constant currency
Earnings per share (basic) of 19.51p, a decline of 58.0% at constant currency
Free cash flow declined to £84.8m after BPO working capital investment and other adverse timing effects
Increased total dividend for the year and robust financing position
Proposed final dividend held at 7.45p; total dividend for the year of 10.55p, up 4.5%; ongoing transition to higher payout ratio
Group recourse net debt of £725m; sufficient financing headroom maintained
Further progress on contract awards and strategic positioning
£3.7bn of contract awards; order book of £17.1bn as at 31 December 2013
New US contract awards broadened successfully the Americas portfolio
Non-core disposals reflected ongoing assessment of operations against their fit to Group strategy
Challenging near-term outlook
2014 faces above-average contract attrition, reduced volume of work in Australian immigration services and lower expected growth from new contracts awarded
As previously disclosed, a mid-single digit organic revenue decline and a 50-100 basis points reduction in Adjusted operating margin is anticipated
Of 2014 revenue, order book visibility of 77%; rebid/extension revenue still to secure of 8%
Securing Serco's position in large and growing markets
Equal bidding basis for current UK Central Government work restored following corporate renewal positive assessment; settlement reached with UK Ministry of Justice (MoJ); conclusion of UK Government audits and reviews
Comprehensive programme of corporate renewal to ensure consistency of appropriate behaviours and improve operations across the Group
Ongoing demand for efficient, high quality and innovative service provision from public and private sector customers around the world
Pipeline of new bid decisions over next two years valued at approximately £12bn or aggregate annual revenue of approximately £1.4bn
As announced recently, Rupert Soames OBE appointed as Group Chief Executive with effect from 1 June 2014; currently Group Chief Executive of Aggreko plc, the FTSE100 support services company
