Serco doubles up on earnings

Outsourcer Serco saw profits nearly double over the first half of 2018 despite a drop in contracts and warnings over Brexit.

Revenues fell almost 9 per cent over the six months to 30 June to £1.4 billion, though currency effects also knocked top line growth. But an efficiency drive protected profits, which leapt to £25.6 million from £13m a year earlier.