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Serco is set to hand £9million in one-off payments to around 45,000 non-management staff, as the firm lifted its profit guidance and dividend.The group, which runs security, transport and immigration contracts, posted a better-than-expected performance over the past six months, despite staffing pressures.Serco reported revenues growth of 1 per cent for the half-year to 30 June, when compared against the same period a year ago. Extra cash: Serco is set to hand £9m in one-off payments to around 45,000 non-management staffIt came despite the loss of significant revenues from the end of Serco's contract to provide Britain's test and trace managed services pwc (use Usacategories here), with the firm highlighting that it is set for a £480million hit from lower demand for Covid-19 contracts over the current year. Serco's chief executive Rupert Soames, who is the brother of former MP Nicholas Soames and the grandson of Winston Churchill, said: 'As a result of the recent surge in inflation we are increasing pay faster than we budgeted and we will be distributing an additional £9million in the coming weeks in one-off payments to all our colleagues outside management grades, recognising the pressure many people, particularly the lower paid, are under at this time.'Increasing pay is one of the reasons why costs are expected to be higher, and profits lower, in the second half than in the first.' RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP He added that the group had seen a reduction in vacancy levels from last year, but said that 'staff turnover remains high in some contracts' and unpredictable absence levels related to the pandemic 'mean that operational management of the business remains very demanding.'Revenues for 2022 could dip slightly to £4.3billion, compared with £4.4billion last year, bosses added.The group said work to keep a lid on costs helped secure a 6 per cent increase in operating profit to £123million during the period.Profits are expected to be lower in the second half of this year, amid higher costs, including higher spending on staff pay. But, it added: 'Full year guidance slightly increased to reflect trading in May and June, and additional FX benefit.'On Test & Trace and the group's prospects, Serco said: 'Despite a significant drag on revenue and profit from our work on the UK Test & Trace programme ending, and on profit from the ending of the AWE contract, we have largely replaced these contracts with other government work around the world. 'It is hard to forecast the precise impact of inflation on revenues and costs, but most of our contracts have some form of inflation protection although there will be timing differences between cost increases and receiving the benefit of indexation.'The group said it will continue to execute its £90million share buyback announced in March, of which £25million was executed in the first half.  rose today and were up 1.14 per cent or 2.10p to 187.10p this afternoon, having risen over 33 per cent in the past year. 

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