Serco appoints new chair amid better than expected performance
Serco has appointed Keith Williams as chair amid a period of strong growth boosted by government spending on defence and immigration.
The Halfords chair will take over from John Rishton, who will have completed a nine-year tenure by the time he steps down in December.
Williams said it was an “honour” to have been selected to the position, and that he “looked forward… to supporting [Serco’s] important work in the delivery of critical public services, continued growth, and the creation of value for all stakeholders.”
His appointment comes amid a strong period for the company, which has been boosted by an uptick in defence and immigration spending.
Serco reports revenue jump
Serco, a global provider of public services, reported £2.4bn in revenue in the first six months of 2025, with underlying operating profit of £140m.
The FTSE 250 company expected full-year revenue growth to improve to one per cent due to “higher than anticipated” levels in the immigration sector.
Its revenue guidance subsequently increased from £4.8bn to £4.9bn.
Chief executive Anthony Kirby, who was appointed in March this year, said Serco’s first-half performance has been “strong”.
“I have seen at first-hand the structural drivers of long-term demand in our markets, most notably in defence, justice, migration and citizen services.
“With our strong financial position, I believe we are well positioned to pursue opportunities to enhance future growth and deliver continued value to our shareholders.”
Serco acquired the US satellite communications business MT&S in January, which it said has strengthened its position and capability in both the US and international defence markets “at a time of increasing defence budgets around the world”.
It expects the acquisition to deliver revenue this year of approximately £130m.
Net debt is expected to reduce from £325m at the end of June to £245m by the end of the year, while guidance for free cash flow was unchanged at £130m.