Outsourcing specialist Serco (SRP.L) has a pipeline of £29 billion and has been awarded £1.6 billion in new contracts since the start of the year.

In an interim management statement, the company revealed it was bullish about prospects for the UK despite austerity measures.

It highlighted the Conservative-led coalition government's plans to for greater involvement of private and voluntary sector in public services.

Christopher Hyman, chief executive of Serco Group, said, 'Despite headwinds, we expect to achieve a good financial performance and to develop the many
opportunities within our £29bn pipeline.

'This significant pipeline and our high revenue visibility underpin our confidence in sustained growth into the long term.

He added, 'We are well-placed to support our customers in the UK and across the world to build, improve, protect and drive efficiencies in essential services.'

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