Servcorp: Result 2013

This serviced office provder's big expansion hasn't yielded the hoped-for increase in profits, but it's worth being patient.

Servcorp’s 2013 result was disappointing, with profit before tax coming in at $27.6m, compared to an initial target of $33m and updated guidance of not less than $27m (see 20 May 12 (Hold – $3.50)).

The second half ended up producing $15.2m, an increase of about 22% over the previous corresponding period on a normalised basis, but an alarming 26% below the guidance reiterated at the half-year (see 20 Feb 13 (Hold – $3.32)).



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