Gentlemen, thank you for standing by. Welcome to today's Serco Group plc 2020 Full Year Results Presentation. At this time, all participants are in a listen-only mode. There'll be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded today, Thursday, the 25th of February, 2021. I would now like to hand the conference over to your speaker today, Rupert Soames. Please go ahead, sir. Good morning, everybody. Rupert here. I am starting on slide five, which is the opening slide. I am joined by Nigel Crossley, and also by Angus Cockburn. By way of introduction, 2020 has obviously been a very strong performance, and pleasingly, we see continued growth in 2021. Revenue up 20% at constant currency, 16% organic, and of that 16% organic, obviously quite a lot was related to COVID. Ex-COVID, the organic was about 4%, and was about 5% from the impact of the NSBU acquisition in the U.S. Underlying trading profit up 37% in constant currency, and the margin increased from 3.7% to 4.2%. Very strong free cash flow. Doubles to GBP 135 million, and that has brought the adjusted net debt down by GBP 157 million to GBP 58 million, and leaves us with 0.5 x leverage. Couple of points to point out would be that this now means that about 75% of our trading profit now comes from outside the U.K. That's a point we'll be returning to in terms of the geographic balance of our flow of profits. I'd also like to point out that ROIC, post-tax ROIC, has now hit 15% on an underlying after-tax basis. COVID itself, whilst it had a significant impact on revenues, had an only marginal net impact on profits, less than GBP 2 million. That was because we've repaid all the furlough. It was because we have had businesses in our portfolios, such as leisure, doing leisure centers for councils, and transport and air traffic control have had almost a shut. Then we've had other businesses like Health that have had significant costs. We paid out GBP 5 million to 50,000 employees as an ex gratia payment. The net impact of that is from about GBP 400 million of revenue, we've actually generated net about GBP 2 million of profits, less than 1% of our total profits. Of the GBP 43 million increase in underlying trading profit year on year, GBP 41 million of it came from sources other than COVID. It's been a very strong operational performance. I'll talk more about that. The business has responded really, really fast to new opportunities and to the sort of disruption that we've all faced whilst maintaining discipline and control. Solid order intake, GBP 3.1 billion. Lot slower in the second half. It seems to be that the second lockdown has slowed up and had a much bigger impact on slowing up tender adjudications in the U.S. alone, there's GBP 2.8 billion of outstanding tender adjudications. We have got large ones in the U.K. as well. That's had the impact of increasing our pipeline. Our book to bill was 80% for the year, which compares to 160% the previous year. We're still ahead across the two years. The reasons why we might not have proposed a dividend have now all fallen away. We are proposing a dividend of GBP 0.014, which is about a 25% payout. We are continuing with our GBP 40 million share buyback program. We are confirming that about 20 million of those shares will actually be canceled. In terms of 2021, we've increased our guidance from up to GBP 175 million, which will give us, on a constant currency basis, about 10% growth in UTP. The reason for that really is that we've had a very strong start to the year. Moving on to the next slide, that is slide six, just to put this sort of profit growth into context. Between FY 2017 and FY 2020, we delivered compound annual growth of 33% in UTP, and the margin's gone from 2.3% to 4.2%. If we extend that to a four-year CAGR to 2021, it's still a 26% CAGR, and this is, of course, all without the impact of WBB, an acquisition that we announced just over a week ago. We will update guidance to reflect that when we have completed. The fact is that the revenue growth and the profit growth indicates that we are outperforming, we think, the market by a meaningful degree, and we are delivering on our promise of taking our margins up towards 5%. I will now hand over to Angus, who will go through the first part of the financial report. Angus? Thank you, Rupert. Morning, everybody. I'll now take you through a brief review of the 2020 financials before handing over to Nigel, who'll talk about debt, capital allocation, dividends, and the outlook. Let's start with the income statement on slide eight. Revenue of GBP 3.9 billion is up 20% in both the reported and constant currency basis, with organic revenue growth of 16% being boosted by the full-year impact of the NSBU acquisition. The net unfavorable currency impacts of GBP 24 million in revenue and GBP 1.4 million in underlying trading profit arose primarily from the weakening of sterling against the U.S. dollar. All the rates are in the appendix. UTP was up 36% to GBP 163 million. Like last year, UTP is lower than the trading profit of GBP 176 million, as it excludes non-recurring and contract and balance sheet review items, namely, the benefit of commercial settlements and the Caledonian Sleeper contract, and a couple of OCP provision releases on our legacy PECS and COMPASS contracts, which together amounted to GBP 12.6 million. Underlying trading margin improved by 50 basis points to 4.2%. This ongoing improvement, assisted to some extent in 2020 by reduced travel costs, has been generated by keeping a tight lid on SG&A costs as the revenue line has grown. The overhead leverage that our business model now delivers is illustrated by the fact that in a year when revenue grew by 20%, our administration expenses grew by less than 3%. The 20% constant currency revenue growth on slide nine consists of organic growth of 16%, with the NSBU acquisition contributing 5%. ForEx reduced revenue growth by 1%. Approximately 12% of that organic growth was COVID related. U.K.&E and AsPac were the key drivers, with organic growth growing by 31% and 18%, respectively. In U.K.&E, the net estimated impact on revenue from COVID was around GBP 400 million and supplemented by the full-year impact of the AASC contract as well as the PECS and Gatwick Immigration Removal Centre mobilizations. These increases were offset partially by sharp COVID-related falls in demand in our Northern Isles Ferries and directly managed leisure trusts. Growth in AsPac was largely due to recent contract wins, including our AHSC, garrison healthcare contract, which commenced in 2019, and the Adelaide Remand and Clarence Correctional Centres, which came online during the year. Revenue in AsPac was also boosted by additional demand in immigration services as well as COVID-related work for Services Australia. Organic revenue growth in the Americas was muted at 1%, with strong first-half growth in our FEMA and U.S. Pension Benefit Guaranty Corporation contracts being offset later in the year by the loss of the Georgia Department of Transport contract as well as a significant reduction in the ship and shore modernization business during the second half, where activity levels had previously been very high. Organic revenue in the Middle East fell by 7%, mainly reflecting the impact of COVID on our airport services work in Dubai and air traffic control contracts in UAE and Iraq. These transport losses were compounded by a COVID-related reduction in revenue on our Saudi Rail contract, as well as the loss of a hospital FM contract in UAE. As slide 10 shows, UTP for the year of GBP 163 million represents headline growth of 37% in constant currency. Underlying trading margin improved by 50 basis points to 4.2%. This means that over the last three years, Serco has grown its underlying trading profit at a compound rate of 33% and added 90 basis points of underlying trading margin. The net positive impact from COVID-19 was around GBP 2 million or 1%, with some large offsetting impacts. All four divisions increased their underlying trading profit in 2020. The outstanding performers were U.K.&E and the Americas, where constant currency UTP grew by 48% and 24%, respectively. Despite the strong growth in U.K.&E, this division still contributes only around a quarter of Serco's profits, reflecting the higher margins earned overseas and illustrating the growing importance of Serco's international business. The early January acquisition of Facilities First Australia, Once regulatory approval has been obtained, the recently announced acquisition of WBB Inc in the U.S. further underline the growing importance to the group of Serco's international footprint. U.K.&E had some big profit swings, most notably the contrasting impact of COVID in different businesses. Our Immigration contract, AASC, benefited from no longer having the transition costs of 2019. Citizen Services delivered a very strong performance, in large part due to additional COVID call center and testing and tracing work. In Transport, low ridership took a previously profitable Merseyrail contract into loss, whilst our Health business was impacted by COVID-related absence and additional costs. In addition, our leisure business sustained a significant loss due to the closure of leisure facilities. Overall, however, U.K.&E performed very well, growing its UTP by 48% to GBP 57 million, and its margin by 40 basis points to 3.2%. UTP in North America grew by 24% in constant currency to GBP 101 million, with margin improvement by 50 basis points to 9.5%. Around half of this growth came from the NSBU acquisition. The rest of this growth came from across the contract base, with notable contributions from the Pension Guaranty Corporation, FEMA, and our garrison support contract in Goose Bay, Canada. This growth was offset by the reduced volume of ship modernization work, the loss of the Transport contract in Georgia, and the anticipated second-half impact of the completion of the additional CMS volume in early summer. Going forward, the completion of the higher-margin WBB acquisition will help offset the full-year margin impact from the end of the temporary uplift in CMS margins and the lower margin of the recently secured ATFP bid. Also impacting margin are higher insurance costs, which have been felt across the group, but most notably in our U.S. air traffic control business. UTP in AsPac increased by 5% in constant currency terms to GBP 33 million. This increase reflects continuing strong performance in the Citizen Services business, in part due to COVID-related work for Services Australia, as well as the full-year impact of the AHSC garrison healthcare contract. Our Justice & Immigration business also performed well, with higher volumes in Immigration caused in part by COVID and the end of the mobilization of the Adelaide Remand Centre contract. Reported UTP margin reduced by 50 basis points to 4.5% due to the start-up of Clarence Correctional Centre and delays on the icebreaker, given schedule slippage in part caused by COVID. Despite the fall in revenue, UTP in constant currency in the Middle East increased by 2% to GBP 14 million, reflecting strong growth in our Citizen Services business, notably our Mashroat contract in Saudi, offset by profit falls in Health, compounded by the COVID impact on Transport profits in Iraq and UAE. Turning to the bottom of the income statement on slide 11, the increase in finance costs of GBP 4 million to GBP 26 million was largely due to a GBP 3 million increase in IFRS 16 lease interest caused by the growth in properties rented for the AHSC contract, together with increased utilization of the RCF in the early part of the year and a reduction in pension interest. The blended average cost of our debt in 2020 was 50 basis points lower, at 4.01% as compared to 4.51% in 2019. The underlying tax rate was 23%, 2 percentage points lower than in 2019. Underlying profit before tax generated from our overseas operations accounted for more than 80% of total underlying profits in 2020, thereby pushing up the effective rate relative to the U.K. statutory rate. Offsetting this, we have been able to use some of our historic U.K. losses and deductions against U.K. profits in 2020, which reduces our underlying tax rate. Over the medium term, we expect the underlying effective rate to be around 25%, with the cash tax rate a little lower due to the benefit of goodwill amortization in the U.S. Cash tax will also benefit in the longer term from the GBP 560 million of U.K. unrecognized deferred tax assets, with a current tax value of GBP 105 million that we expect to bring onto our balance sheet as U.K. profitability continues to improve. Underlying diluted earnings per share grew by 37%, from GBP 0.0616 to GBP 0.0843. The weighted average number of shares increased from 1.199 billion in 2019 to 1.254 billion in 2020, largely as a result of the full-year effect of the May 2019 share placing relating to the NSBU acquisition. Statutory reported earnings per share on a diluted basis, which reflects non-underlying items and exceptionals, was GBP 0.1067 as compared to GBP 0.0421 in the prior year, which mainly reflects the strong growth in underlying profitability together with the credit arising from non-underlying items and an exceptional profit in respect of the disposal of our Viapath joint venture. Nigel will talk about the dividend later. Turning to slide 12, exceptional items were a GBP 8 million profit in 2020 as compared to a GBP 26 million loss in the prior year. The biggest exceptional cost in the prior year related to the deferred profit sharing agreement with the Serious Fraud Office. We said this time last year there would be no exceptional restructuring costs in 2020, and we were true to our word, with the costs relating to improving our HR processes running through UTP in 2020. The exceptional cash inflow was GBP 12 million as compared to the exceptional cash outflow of GBP 49 million in 2019, which reflects in both the SFO settlement and a significant restructuring cash cost. With both OCPs and restructuring behind us, the naturally strong free cash flow generation of Serco's business model will be fully reflected in net debt as the historic leakage from loss-making contracts and restructuring is now well behind us. Slide 13 has the usual detailed cash flow and net debt. You can pick up more detail in the appendices on both net debt and cash flow. Here, I'll just pick out a few headlines. 2020 has delivered excellent free cash flow performance, which was significantly better than expected. Free cash flow generation improved from GBP 62 million in 2019 to GBP 135 million this year, which represents 127% conversion of underlying profit after tax, compared to 84% last year, with around 21 percentage points or GBP 12 million of benefit coming from COVID-related tax deferrals in the U.S., for which there is no early repayment mechanism in place and which will consequently be repaid in 2021 and 2022. All other COVID-related tax deferrals were fully repaid during 2020. The increase in free cash flow was largely driven by higher UTP and strong cash collections in North America, notably the catch-up with FEMA. The end of the cash costs associated with our loss-making contract portfolio had a big positive impact on cash generation. We continue to have zero receivables or payables financing in place. Our bills receivable days were 23, a six-day improvement compared to the 29 days of 2019, reflecting strong cash collection efforts, particularly in North America and the Middle East, and the continuing support provided by our government customers during COVID in terms of paying their bills in a timely fashion despite all the disruption. Our trade payable days decreased by five to 20 days, reflecting our focus on paying suppliers promptly and passing on the benefit of the prompt payment of our customers during COVID. Before I hand over to Nigel, let me say a huge personal thanks to both the analysts, some of whom have had to suffer my chat for more than 20 years, and our shareholders for your support over the last six and a half years. I will miss Serco and my colleagues enormously when the time comes, particularly Rupert, who it has been one of life's great privileges to work with. I'm delighted to hand you over to my successor, Nigel Crossley, whose appointment ensures that Serco finally has a proper CFO in place. Having worked closely with Nigel during my time at Serco, I know that the company is in a very capable and safe pair of hands. Nigel? Thank you, Angus, and thank you for those kind words, and good morning to everybody. First, I want to turn to net debt and leverage, which is slide 14. In 2020, adjusted net debt closed at GBP 58 million, which represents a reduction of more than GBP 150 million from the start of the year. This is largely driven by strong cash flow performance that Angus has already explained, and to a lesser extent, the proceeds from the sale of our Viapath joint venture, along with some positive foreign exchange movements on our U.S. dollar debt. The average adjusted net debt during the year was GBP 209 million, which, compared to the closing net debt, is higher than we would normally expect. This is due to stronger cash collection performance across all divisions, which helped reduce our average net debt in the second half to only GBP 137 million. Our adjusted net debt excludes all IFRS 16 liabilities, which were GBP 403 million at the end of December. As we've explained previously, a significant proportion of these lease liabilities directly relate to delivery of our contracts, the cost of which are covered by our contract revenue, and the leases have been structured to end co-termously with our contracts. Net debt at the end of the year, including all lease liabilities, was GBP 460 million. As a result of the strong cash performance during the year, the December covenant leverage ratio was just under 0.5 x net debt to EBITDA. Now turning to funding and capital allocation, slide 15. We ended 2020 with a very strong balance sheet and available liquidity of GBP 582 million, which has enabled the two acquisitions we have recently announced to be funded from existing facilities. In October, we successfully raised GBP 200 million from the U.S. placement market to refinance upcoming debt maturities. The new loan notes are spread over five, seven, 10, and 12-year terms, with the cost of the new debt lower than our existing debt. This will be the first time that Serco has been able to access investment-grade financing since 2013 and reflects the progress made in terms of financial performance and the strength of our balance sheet. In addition, we have recently secured a GBP 75 million three-year loan term with our relationship banks. We will draw this at the time of the WBB acquisition closure, roughly expecting in quarter two, and this will ensure that we maintain strong liquidity. The group revolving credit facility, which is currently undrawn, is also forecasted it materially undrawn. Overall, our debt facilities have a broad maturity profile, and we are comfortable with the level of liquidity and financial flexibility that they provide to the business. As we consider the reinstatement of a dividend, we thought it would be helpful to remind everybody about Serco's priorities for capital allocation. Serco's performance over the last two years has proven that it is now a cash-generative business. The cash drag of onerous contracts is behind us, and low levels of capital investment are required by the business, with the most significant internal investment likely to be working capital to support revenue growth. Therefore, we expect the group's trading cash conversion to be in the region of 80%-90% over time. As we have previously set out, the group's target leverage is to be between 1x -2x debt to EBITDA. While in December 2020, leverage is less than 0.5 x, we expect this to increase to around 1.6 x by June after the acquisition of Facilities First Australia and WBB in North America, which will still be well within our range, and also as we have completed the share buyback program. However, we expect profits generated by these acquisitions, and the business as a whole, will result in leverage being towards the bottom end of the target range by the close of 2022. The group's capital allocation priorities are laid out on the slide, the first priority is to ensure that the liquidity exists to fund all costs associated with operating the business and the investment required for organic profitable growth. We also plan to be able to fund bolt-on acquisitions to strengthen and broaden Serco's position in markets it competes, at the same time as paying an annual dividend to shareholders. If surplus cash builds up and leverage stays below 1x for an extended period of time, with no immediate investment or acquisition opportunities available, we will consider returning surplus cash to shareholders. Turning to dividends on slide 16. In April 2020, when the scale of the COVID pandemic was becoming apparent, Serco, like many other companies, withdrew their recommended dividend. This was for two reasons. First, we thought it was inappropriate to pay dividends whilst in receipt of government support. Second, we were understandably cautious at the start of COVID-19 about the potential impact it might have on the financial performance and the liquidity of the group. During 2020, as we've heard, Serco has performed well. Our balance sheet and liquidity remain strong. In addition, all government support has been repaid, including GBP 38 million of U.K. VAT, which was repaid early. The one exception is the U.S. payroll taxes of GBP 12 million, for which there was no facility to repay early. Serco has also paid a GBP 100 ex gratia bonus payment to each of its 50,000 frontline workers in recognition of their commitment to performance while working in challenging environments. On this basis, the Serco board has recommended a final dividend should be paid for 2020 of GBP 0.014 per share. This represents a 25% payout ratio, assuming a one-third/two-third split between the interim and final dividend. We're also planning to cancel around GBP 20 million worth of treasury shares purchased through the share buyback program announced in December, which is a similar value to a final dividend for 2019 and an interim dividend for 2020. The board will keep the dividend policy, including the payout ratio, under review as we continue to implement the growth phase of our strategy. It will be mindful of the requirement to maintain a prudent level of dividend cover and the need to maintain a strong balance sheet, which is critical for Serco's long term. Finally, I'll turn to the guidance for 2021 on slide 17. You'll see that we've increased guidance compared to the initial view we gave in December. With UTP anticipated to be GBP 175 million and revenue around GBP 4.2 billion. This reflects a strong start to the year with performance on or above expectation in all divisions, and particularly in the U.K., which has benefited from higher levels of activity on COVID-19 related services. The new guidance accounts for recent foreign exchange movements, which has an approximate negative GBP 40 million impact on revenue and a GBP 3 million-GBP 4 million impact on underlying trading profits compared to 2020. On a constant currency basis, organic revenue growth is expected to be 4%, and underlying trading profit is expected to increase by 10%. The guidance includes the acquisition of Facilities First Australia, which is expected to add around GBP 6 million of underlying trading profit, but does not include the acquisition of WBB, which is still subject to regulatory clearance. We will update guidance in quarter two to include WBB once we have clarity on the completion date. We expect performance in the first half of 2021 to be stronger than the second half, with volumes on COVID-19 related contracts forecast to drop off as the year progresses. The second half will also see the end of the AWE contract, but we do anticipate seeing improved demand returning on our leisure and transport businesses. The guidance for finance costs, tax rates, free cash flow, and net debt remain unchanged from the guidance we provided in December. On that point, I'm going to hand back to Rupert. Thank you, Nigel. Moving to slide 19, highlights and lowlights. Perhaps the most important highlight and lowlight of the year for me was the lowlight when Angus came and said that he'd like to retire, which was obviously a lowlight. The highlight is how well and he's managed that process, and that he took the precaution of hiring an incredibly talented successor in the form of Nigel Crossley way back in 2014. Nigel and I have been working together for a very long time. I have worked with Angus on and off, well, almost continuously since 2003, with a brief six-month gap when I jumped ship from Aggreko and came to Serco. Whilst at Aggreko, the share price, while we were there together, went from GBP 1.30 to GBP 17 when we left. We was in the FTSE 100. During that time, as at Serco, we have seen both triumph and disaster coming back time and again. It's been a wonderful, fantastic journey. Angus, as I say in There are not many stock exchange announcements that have a reference to the CEO, being firmly what I believe that you are a prince amongst men and a giant amongst CEOs, and we will miss you. It's also, I think, your 42nd results presentation. That must be getting on for a record. Moving on to our own, the highlights and lowlights of the year. Well, clearly a strong operational performance. We'll talk a little bit more about that. On the people front, 21,500 people recruited, 10,000 net new jobs increase. Perhaps best of all is that during COVID, engagement increased, and we'll talk about that in a moment. In terms of the financial performance, Angus will be stepping down in the year in which we go and pay our first dividend since 2014. Also when the underlying post-tax rate, which was something that we all followed incredibly closely at Aggreko, is over 15%. I mentioned earlier on the importance of this idea that the growth in 2020 was broadly based. It wasn't just COVID. The COVID impact was relatively small. The ongoing underlying business did really, really well, as well. The year has started out, yes, strongly, because COVID Test and Trace is running very hot. Also the whole business across the world is actually doing pretty well in January. The fact that we're managing after 33% compound growth for the last three years to still continue to grow in 2021, we were uncertain whether that would be the case last year. The fact is that we're going to be growing about 10% compound. Sorry, 10% in constant currency in 2021. We've had some key wins, mainly in the first half. I would like to point to Acacia Prison in Australia, which was a foundational contract for the Australian business, and it's a long-term contract. I think one of the reasons for the book and bill being as low is that most of our revenues are made up of long-term contracts. So when you renew them, you get five years worth of revenue into the order book. Particularly Test and Trace, this is stuff that's coming in and out of the into the order book through revenue and out the other side without building the order book. The order book still remains very healthy. The consequence of a lot of decisions loading up in the second half has been that we have got a very strong pipeline coming into 2021, and it's one of the reasons why we think that we're going to be able to maintain and resist headwinds through the years, that we've got a strong pipeline of opportunities. During this process, we've also managed to successfully integrate NSBU and do two acquisitions, which have been recently announced. I think also another highlight would be the successful refinancing of our long-term debt. There are precious few companies in our sector who find this as an easy process. We went back to the U.S. PP market. We've been offered tenors out to 12 years out. That's all done. We've just gone and raised another GBP 75 million yesterday to give us added financial flexibility. We have masses of liquidity. In terms of lowlights, you have to start with the dreadful impact that COVID had on the lives of, and welfare of many tens of thousands of colleagues. I think particularly the people listening to this call, their main experience would have been the perils of working from home. 90% of our staff, their office is a prison, it's a hospital, it's a train, it's an air traffic control site. They have to turn up. The bravery, the courage, the resilience of people turning up to work. It has been my challenge to be able to come to terms with the fact that, I have got out and about on the contracts, but I'm basically sitting at home doing my work and knowing that people are having to go into very, very infectious COVID environments, and they do it, and have done it really well through the year. In terms of bid losses, Viapath, which was our joint venture to do services for, not forensics, what's it called? Pathology. Pathology services. Air traffic control training in the U.S., Wellingborough Prison, we lost. We are pretty certain that we lost Dubai Metro, we lost a bid for a new Air Force base in Canada. AWE being taken back in-house in November, I think took everybody by surprise. It was not a surprise that they were considering taking it back in-house because they've looked at this every two or three years, they looked at it. What took us by surprise was the speed at which they're doing it, they will take over control at the end of June. That will be about a GBP 8 million hit in the second half, then a full-year effect in 2021. Not only have a lot of tender adjudications slipped, particularly there was a huge one in the U.K., which is DIO, which we would hope to hear in the next few weeks. Also in the U.S., there have been a lot of bid protests. You will know that we were public and only number one on Test and Trace in the middle part of last year. The fact is that Test and Trace has been a huge success. I've been talking about it on Radio Four today and explaining that you've got these two major programs. One's vaccination and the other is Test and Trace. Actually now they are both running really well. The difference being is that vaccination is something that the NHS does every year for about 14 million flu jabs, and they've had nine months to plan before they had to put a single injection into anybody's arms. Test and Trace, the government had to stand up on four weeks' notice. Nothing of this scale has ever been put together by any country on the scale of this sort of Test and Trace. About 2.5 million people being tested every week. There were a million people traced in the first week of July. It is interesting that the level of angst and volume about testing has almost dropped away because it is now an incredibly good service, but it's taken some time to get established. Now, I think some investors were a bit unnerved by the scale of the vituperation, but that's part of our job. The important thing is that the government has continued to give us business and extend our contracts, and we think that they're very pleased with us. Prisons and hospitals, these have all been challenging to run, but particularly prisons. They've basically been under lockdown 23 hours a day for much of last year. That's made that very difficult. In recent weeks, we had a cyber attack. I think nearly every company in this sector has had a serious cyber attack. It was on the weakest part of our network that is actually completely separated from what you might call our secure central network in Europe. I'm glad to say that all systems have recovered. We got all our data. Quite a lot of data was stolen, but it wasn't destroyed. We still have it on our systems and our backups, it's had immaterial impact on service deliver. Our cybersecurity teams have done a absolutely remarkable job of recovering that situation. Moving on to the next slide 20. I think that operationally, one of the things that we did was, I do think that the organization has risen to the level of events, That's partly because right from the get-go, we set our priorities, We did not say, as most companies did, that our priority is the safety of our staff. We said from the get-go that our priority in this crisis is to support the delivery of essential public services, Within that context, to protect everybody. This actually has resonated really well within the business because it gave people a sense of purpose. They knew it wasn't that we didn't care about our people, but it made them realize that the work that we were doing was of national importance. I think that both culturally and organizationally, three things have enabled us to navigate our way through this crisis. The first is what we call our loose, tight management, where we give operational responsibility for delivering contracts, but that is as close to the customer as possible. People have very strict guardrails. There's very strict control around bidding and risk management and the like. We actually looked it up between the 1st of April and the end of December, the Investment Committee, which is basically Angus and Nigel and I, and the group general counsel and other group people, we meet to review bids, and it met 85 times between April and December. All the controls and the process that we put in worked really well. In terms of maintaining control through the process, culture was really important. We'll look at the moment in the engagement scores, but we'd also built a highly scalable operating platform as a result of investment in IT systems and process. This has, broadly speaking, enabled us to significantly scale up the business, add 50 basis points to our margin, and 20% to our revenues. As we say in the text, for a very large business, it's proved to be a surprisingly agile business. For a business that looks like a collection of lots of different contracts, we've been able to operate with common purpose and systems. For a business of any size, it's proved to be remarkably resilient. Onto the next slide. Talking a little, two slides about people. Managing businesses, this is the absence rates from the U.K. In March 2020, they peaked at nearly 28% absence rate with the first lockdown, and in January they were back up to 20%. Managing, as you imagine, a hospital where from day to day you don't know how many people are going to turn up is extremely testing. With the expansion of things like the COVID, the Test and Trace work, we've actually had to recruit 21,500 people in the last year and have created 10,000 net new jobs. Tragically, we've had 25 deaths amongst our staff and 3,000 COVID cases. Those statistics are terrible, but they are not unsurprising in a business that employs 55,000 people. Onto the next slide, please. That'll be slide 22. I think perhaps everybody knows I am much attached to our engagement scores and our viewpoint scores, and this is the thing that personally I am proudest about of the year. In a year that has been absolutely a horrific experience for so many of our colleagues, the engagement score, actually, I thought it was going to go down. I couldn't imagine it wouldn't go down, and it actually went up. It went up from 71 to 73 amongst all employees and from 73 to 75 amongst managers. The thing that I cleave to here is that the experience of the managers of the business is very similar to the experience of the employees, colleagues, and I think that's so important. These are not trivial surveys. They're done every year in September. There were 30,000 respondents who made 65,000 comments, and if any of you want to go and see just how rude people can be about the company that they work for, there are 1,000 randomly selected comments available on serco.com for people to go and have a look at. We're not embarrassed that we have a very feisty lot of colleagues who care deeply about the company. We've also had to deal with some very complex succession planning during this process. Kevin Craven retiring from the U.K., so Mark Irwin, who was running AsPac company, has come to the U.K. We've promoted Peter Welling to be Managing Director of AsPac. Anthony Kirby has been promoted to Chief Operating Officer. With Angus Cockburn retiring, Nigel's going to becoming the CFO. This is a non-trivial amount of senior management movement, and I think it's been incredibly stable, the senior management team, but it has worked to do that in the middle of COVID. It's all worked quite smoothly. Onto the next slide, please. I'm not going to read out every one. This is just examples of the sort of remarkable things that the business has done. In Clarence Correctional Centre, between July and December, mobilizing that, we went from 0 to 1,000 prisoners between July and December. We mobilized Christmas Island, which is a detention center about seven hours flight from Perth, in the middle of the Pacific Ocean. The customer asked us to remobilize them. We mobilized on six days notice. NHS Test and Trace mobilized 10,500 tracing staff in four weeks. 8,800 testing staff we recruited, delivering 5.5 million tests. In asylum seeker contract, we've taken on 3,500 extra units. We're now looking after 25,000 people. As you can imagine, the protocols for dealing that in a COVID environment are really complex. The business has performed out of its socks in an operational sense. Moving on to the next slide. I've just mentioned that not only has we done that, but we were able to do two important acquisitions. Both of very different size, but I think the point that it showed that even with all the disruption of COVID, we were able to do this. WBB announced on the 16th of February. We hope it to close sometime in the second quarter. Facilities First Australia announced in December, that's already closed. One is a low margin, but large scale FM business in Australia, and it's just what the Australian business needs. It is not an acquisition that we would have necessarily done elsewhere, but it was right for their business. WBB, it gives us now a GBP 1.1 billion Defence business in the U.S., and gives us real heft in that market. Moving on to the divisional slides. I am just going to trot through these quickly. We can spend more time if any of you want more detail. In terms of Americas, now 49% of our UTP, divisional UTP, is in North America. It has got the highest margins in the group. The NSBU acquisition has settled in really well. There has been not a single senior management departure from NSBU since we bought it, and it is performing in line with our expectations, so we are pleased with that. In terms of the organic revenue growth, the revenue growth was 16%. There was only 1% organic. You ought to be careful of that, because there's quite a lot of revenue in the U.S. that is related to this CANES contract, where we are making large amounts of, basically it's racks of communications equipment. We go and assemble it for ships. It's very low margin business, but a large amount of kit going through. Actually we've just gone and won a new CANES contract and tend to bring a lot of revenue through with it. That dropped off. You'll see there, that's why the organic revenue growth was only 1%, but the UTP growth was 13%, was in part because the CANES contracts then contribute a lot to our profit. FEMA, which is a new contract, we stood up 2,000 people to provide services to the Federal Emergency Management Agency. I would just say in passing that Texas is one of the areas that we look after for where we subcontractors of FEMA. CMS has run well. The margins are stable. Volumes are going to be a bit lower this year. In terms of contract wins, a ground-based electro- optical deep space surveillance system. It's called a telescope to you and me. We got the contract to go, and there's GBP 3 billion of bids awaiting award. The other thing is that lots of these bids now are being protested. The business is in rude shape, doing well, and started the year well. Go on to the U.K. The U.K. has seen this tremendous growth, 31% organic growth. Substantially all of that was COVID-19. About GBP 350 million of Test and Trace revenues, but then offset by the into profit terms, by leisure and transport. Leisure and transport, most of the revenue doesn't come through our own revenue line as it's in associates or JVs. The growth has been in UTP, largely delivered by AASC, the commerce contract, as we mobilize the new contract. At last now, after 10 years of losing money, it's now making money. Also our PECS escorting contract has mobilized successfully. Big contract wins with the NorthLink Ferries, and then the NHS Test and Trace, which you've heard the story. I mean, amazing achievement standing up that. The biggest element in the pipeline is the DIO Defence Infrastructure bid, we're also bidding for the Skynet Athena consortium, along with Inmarsat and Lockheed Martin and CGI. We have the FPMS, which is the tug and shipping services to the Navy coming along. There's a big pipeline there. Nearly GBP 8 billion on the wider definition, including rebids. Next slide, please. AsPac, 16% revenue growth. Actually 18% on an organic basis. There was a 2% of FX headwinds. They're doing very well. The AHSC defense garrison healthcare contract, which is providing medical staff to the Australian military bases, doing very well and are profitable. The business has done very well through COVID. They got big contracts providing call centers for the Australian tax office and for the Department of Human Services and Services Australia. They've had a good year with some good orders, with the Fiona Stanley extension of worth GBP 370 million, and Acacia worth GBP 250 million for its first phase. Finally, the Middle East. Middle East. It's our management conference today, and I went on to say, next slide please. It is the smallest of our regions, but nonetheless valuable. It's been very difficult running that business, but they've risen to the occasion. It represents about 7% of our UTP, but it's a important part of the map and important platform for future growth. We are pretty certain that they've lost the Dubai Metro, which is, on the one hand, it was an iconic contract, but on the other hand, it was barely profitable and very complex to do so. We are not shedding a disproportionate number of chairs about that. It will help the revenues, the percentage margin of the overall group. Moving on then to the summary and the outlook that is on slide 30. I mean strong operational financial performance, and we expect to continue growth in 2021. The pandemic has tested our mettle, and it's proved us, I think, to be an agile, resilient, and a highly capable business, capable of standing up huge resources very quickly in response to government need. Our investment in culture, the time that we spend talking about trust, care, innovation, and pride has paid dividends, as have the instinct for transparency and rigorous reporting. The acquisitions of FFA and WBB show that we can continue to advance our strategy even in the midst of the sort of disruption that you get in a pandemic. I think that our decision to be an international business, but a highly focused business, a supplier of government services, has worked really well. We've got an international footprint with 50% of our divisional UTP now coming from North America, 30% from the U.K. Longer term, the outlook is that the four forces that we talked about in our strategy in 2015 of growing costs of healthcare demographics, the need now for more resilient public services, rising expectations of choice and service quality, the quality of public services coming more to the front of people's minds. Equally now, the whole financial situation that governments find themselves in is really going to be that pressure is going to be all the greater. Basically, people's memories will be short, and they won't want to pay a lot more tax. It's going to remain the PS pressure that is the driver of demand in our business to deliver more services of higher quality for better value, what we call more and better for less. We think that will be intact. We're going to do a capital markets day in H2 when the fog begins to clear on COVID. In the meantime, we're still holding to our medium-term aspiration of 5% revenue growth and 5% margins over the medium term. With that, I'm going to say thank you and open this up to questions. Thank you. Ladies and gentlemen, as a reminder if you wish to ask a question, please press star and one on your telephone, and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Once again please press star and one if you'd like to ask a question. Your first question today comes from Sylvia Barker from JPMorgan. Please go ahead. Your line is open. Thank you. Hi, morning everyone. A couple questions on NSBU. It seems like it has had, again, a strong year. Could you maybe just talk about what growth you've seen in that business, and if we can extrapolate to WBB at all? Obviously, you've got some reasonable assumptions for its first year, but how did NSBU develop after you bought it in terms of the revenue trends? Secondly, just on central costs, could you maybe just remind us why, I guess what the temporary savings are within that line and what maybe the more structural savings are and where that might be going forward? Thank you. I will take NSBU, and Nigel, will you take central costs? Yes. NSBU, remember, it's got two parts of it. One is the U.S. business, and the other is the Canadian business. The Canadian business did particularly well. It had a very strong year. I would say revenues on that unit overall have been slightly lower than we thought because we had a particular class of landing craft that had to go and get reworked. In terms of its contribution overall with the synergies that we got were ahead of our cost of capital, and it is performing pretty much where we would hope, albeit that the profit's a bit higher, and the revenue is a bit lower. They have got a lot of protests out on bids that they have won, but have subsequently been protested. In terms of the growth that we can get out of that business, it is going to be very largely dependent, in the short term, on the outcomes of those protests. We were happy that they've got a strong pipeline with a lot of work that they've won that happens to be under protest at the moment. Basically speaking, we are delighted with that acquisition. It's given us a very strong position in Navy, and then it's given us this platform from which we've now expanded with WBB. Nigel, central costs? Yeah. Sylvia, central costs, they came in at GBP 41 million this year, a little bit lower than we were last year. We've had travel savings as everybody's been grounded. There's just been less project work. We can always expect corporate costs to move up and down a little bit, and I think our guidance would be a number somewhere around the mid-40s, is what we'd expect our corporate cost to be going forward. Thank you very much. Thank you. Your next question comes from the line of Allen Wells, Exane. Please go ahead. Your line is open. Please go ahead. Your line is open. Please go ahead. Your line is open. Hey, good morning, guys. Just a few from me, please. Can I just ask, I guess as we think about 2021, and there's the phasing into 2022 as well, could you maybe talk a little about the assumptions behind, or how you guys are thinking about the pathway to recovery in the likes of Merseyrail and leisure? I guess maybe more broadly, do you expect them to get back towards sort of 2019 levels, or do you think that just isn't possible now given, I guess, changing attitudes over 2021 and 2022? Following on from that, I guess one of the other key areas, obviously, which you alluded to, the fading down of Test and Trace and testing activity. Could you just remind us where we are in terms of visibility on this contract? I think I read that you now almost certainly will have those contracts through to the half year. How are you thinking about the rebids and how that carries on as vaccines are rolled out? Finally, as I guess I think about sort of the pipeline and rebids, and you kind of alluded to this, DIO ends up being quite a big opportunity that comes up this year. Could you maybe remind us how you guys are looking at the sort of the bull and bear case here on DIO, what that could mean for numbers as we look forward, if you're successful? Thank you. Allen, I'll take this. In terms of the 2021 phasing, we are assuming revenues on Test and Trace to be pretty much the same this year in 2021 as they were in 2020, but just phased differently. We had a much stronger second half and a weaker first half in 2020, and we expect that to reverse this year. We are assuming some ongoing business into Q2, but at a much lower rate. In terms of the phasing of the contract, there is an RFP in the market for the testing side of the business, which probably would mean that the successful bidders will start picking up somewhere in June and July. As you rightly say, we'd be reasonably hopeful that we keep the testing business that we have got in some form or makes it through to the half year, and then if we win part of the extension, that may continue. Who knows what it's going to be like when life returns to normal, whether there will still be the need for test sites for people to turn up and get tested, or will they all be absorbed into other local authority facilities? They will probably need to maintain some form of central tracing capability, because they'll want to be ready to jump on any outbreaks that occur or new variants. One of the things that we've proven to government is that we can flex this incredibly fast. We started at 10,000. We went down to 5,000 in September, tracers. They then increased it to 9,500 again for December and January, and I think we'll be down to 5,000 again in March. This ability to flex the scale of the tracing has, I think, given government a lot of confidence that they don't need to keep such a large standing army. I think you're right. We've got pretty good visibility on Test and Trace through the first half. Very little for the second half, but we're assuming that there will still be revenues of that in the second half. As for the pickup of Merseyrail and leisure, I kind of take the same view as you, which is I think it's unlikely to get back to where it was in 2019. Merseyrail may. I think Merseyrail is basically a commuter rail, and if more people are working from home, presumably there will be less pressure on the rail. I think it will come back. Between extra costs in health, leisure, and Merseyrail, the hit was about GBP 35 million. I don't know how much of that's going to come back or how long it's going to take, but that gives you quite a lot of headroom to come back, but I don't know how much is going to come back from. It will take some time into 2022 to come back. On DIO, I'm not going to go into all the different configurations. There are endless different regions. We could either win nothing, we could win very big, or we could win a bit. What everybody knows is it is a huge contract to provide services to the MOD and is one of a number of very large opportunities that we have in the pipeline. Does that help? Okay, thank you. Very clear. Thanks, Rupert. Yeah. Thank you. Your next question comes from the line of Paul Sullivan from Barclays. Please go ahead. Your line is open. Good morning, everyone. Firstly, the win rate appeared to be higher than usual. Other than you being very good, what do we read into that? Are you being more selective in terms of what you bid for? Just following on from that, is the pipeline now at a stage, and is it fluid enough to sustain your 5% long-term growth target in its current form? I don't know whether you can provide a bit more color on the 4% organic guidance by division. Just finally, free cash flow guidance is unchanged versus the higher profits. What's driving that? Thank you. Nigel, will you take the win rate and the free cash flow, why that's changed? I'll talk about the scale of the pipeline. Sorry, let me go first. The win rate. Our win rate for the year was 35% on new business, and it was 90% on our rebid business if we exclude the Viapath joint venture that we bid for, which was previously a loss-making business for us. Our win rates are strong. 35% is a little bit higher on our new bid win rate than we've seen in recent years, but we are consistently getting a rebid win rate in those 85%-90% on an annual basis. That's important because it keeps our base strong, the new business that we win is largely incremental to that base. I would say we are pretty happy with the kind of win rates, rebid win rates that we have at the moment. While there's a lot of movement in and out of the pipeline, we feel confident enough that the size of the pipeline will support the growth that we're looking forward to. You might like to think and come back to how the 4% organic growth splits by division. Yeah. I'm not sure that we've got that. Yeah. Paul, this issue about You will be aware that I've made a complete idiot of myself over the years when talking about pipeline. My learned colleague, Ed Casey, when he was COO, used to say, "We need a pipeline of GBP 10 billion or else we'll be in the sixth circle of hell." It turns out that we don't. The other thing is the definition of what is in that pipeline. It is only new business. As a definition, it's becoming increasingly, it's one that we're loth to go away from because we've always done it, but it's increasingly questionable how valuable it is because so much of our work now is rebids. I think that we have, last year, I think we had 160% book to bill, but we went into the year at something like GBP 4.5 billion or GBP 5 billion of pipeline. I'll have to get the exact number. Jamie will send it to you. It produced an enormous amount of order book increase because there were some very big rebids that never appeared in the pipeline. I note that the pipeline has got bigger, but that's actually a function of decisions that would have happened in the second half going into the first half. If you know of a way of measuring a pipeline that is particularly useful, we'd be delighted to hear from you. We don't think it's particularly predictive, and that you're better off on the whole just looking at the rebids we've got coming up, applying roughly somewhere around 85% to that, then we'll tell you what the new business is, and you go by roughly 25% of that. Sometimes it hits well, and sometimes it doesn't. At this stage, I don't look at GBP 6.9 billion of pipeline and say, well GBP 6.4 billion pipeline, and say that is always not enough to sustain 5% growth in the long term. We believe that we can sustain that 5% growth in the long term, but it is dependent on us being able to win a lot of our rebids. It's really the rebid rate that is as significant as the new business. And Rupert- Yeah. I'll just add a couple of numbers for Paul. We came into the year, Paul, with GBP 4.9 billion in what we call our investor pipeline. We come out of it at GBP 6.4 billion. On top of that, we also have smaller bids, less than GBP 10 million in annual value, which at the end of 2019, it was GBP 4.9 billion of the big bids, then add on GBP 1.6 billion, you get to GBP 6.5 billion. At the end of 2020, it's GBP 6.4 billion plus GBP 1.7 billion, which is GBP 8.1 billion. Improvement in pipeline, in part reflecting the movement to the right towards the end of the year in terms of the COVID impact. Also worth noting that 28% of the U.S. pipeline is NSBU. Sorry, Rupert, back to you. Pardon. Paul, in terms of the 4% growth rate. Yeah, I can say that w e've got a 4% growth rate organic. If we look across our four regions, we're slightly above that rate in the U.K. and in North America, slightly below in AsPac, but pretty clustered around the 4%. Probably one outlier we're going to have is the Middle East, obviously, as we've lost Dubai Metro, which was a much bigger revenue contributor than it was profit contributor. Right. That, Paul, we done? Just about this free cash flow. That's just on the- Sorry, just remind me, the free cash flow. Oh, the free cash flow. Sorry, why is it low on net last? Why is it low actually at end of 2020? There's a couple things I think actually. Why don't you tell me why? Yeah. Why we changed. The reason why 2020, as I said, 2020 was strong because there's some one-offs in there. We issued shares rather than bought shares for our LTIP schemes. We've got about GBP 12 million of U.S. tax benefit that we can't pay back early, and we had some big catch up on receivables in the U.S. around the FEMA contract, and also in the Middle East, they did a great job of catching up on some of their receivables. We think that that 120% cash conversion rate that we saw in 2020 is not repeatable. 2021's got a cash conversion rate of about 80%, which is more in our range. We've got to pay some of that tax back early in the U.S. Why didn't we change our guidance? I think there's just more inaccuracy around cash, because there's big dollops of cash can come in on the 31st of December or the 2nd of February. We've given some guidance there of GBP 75 million, and we just didn't feel that there was enough evidence to say we should move that number. That's smashing. Oh, just to follow up, Angus, what can I say? Thank you for everything. It's been an absolute pleasure working with you. I'm sure everybody in Serco will miss you, and I know we will, too. Thank you very much. Thank you, Paul. Thank you. Your next question comes from the line of Kean Marden from Jefferies. Please go ahead. Your line is open. from Jefferies. Please go ahead. Your line is open. Morning, all. I've got three very quick ones, if I can. If the unsuccessful bidders for the NSBU awards don't block, so are basically unable to block the awards, what sort of revenue growth would that support for NSBU in the fiscal 2021 year? Secondly, your one liner, Rupert, about FEMA and Texas caught my eye because that contract can be very lumpy. Are you generating reasonable revenues currently from that area, and have you included that in your 4% organic revenue growth guidance for the full year? Finally, just going back to the Dubai Metro contract, and I guess just sort of casting the eye back a bit further in time, are there systemic headwinds to margins in Middle East transport contracts and therefore the achievable margin in that area might not be as attractive now as you might have thought five years ago? As far as NSBU is concerned, we're not going to give organic growth forecasts by individual business units within Adelis. I can tell you that there is about GBP 250 million worth of awards that are, I think, subject to protest at the moment in that business. As far as FEMA is concerned, yes, we've had a great year of it. We've mobilized the contract. We've been successful in doing work for FEMA, and no, nothing yet has come through from Texas, and no, it's not in our mix of business. They had a budget for FEMA, but they didn't have a line that said Texas. They had a line that said that we've got to go and fill up a pipeline, and we're doing pretty well on filling up that pipeline of FEMA work. As I say, I just note that with Texas being declared a federal emergency area would tend to be net positive for that contract. The margins on that are not huge. It's quite a lot of direct labor. On the Metro, yes, I would say that these margins are, for the amount of work and complexity on them, the margins, it's a lot of work for not a lot of money. We've had it for 12, 14 years, and it's been a hugely successful contract for us. We'll be sad to see it go, but I don't think that it goes and reflects. We've got the margins that we make on other contracts in the Middle East, in other areas like air traffic control and some of the other military contracts that we've got there, make very attractive margins. I don't think there's anything that would dissuade us that it's good to have a business in the Middle East. We want to try and we think that having a geographically diversified business, because part of the thing is that we want to be able to be nimble and agile and follow the opportunities and follow the money. There's a lot of money out there in that arena going into public services, and we want to be ready to take advantage if some of it falls our way. We're in no way down about the Middle East at the moment. Thank you very much. Thank you. Your next question comes from the line of David Brockton from Numis. Please go ahead. Your line is open. from Numis. Please go ahead. Your line is open. from Numis. Please go ahead. Your line is open. Good morning. Can I ask a few, please? Firstly, on the guidance, going back to an earlier question about extrapolating the guidance to future years. Are you able to say how much COVID has played a part in the 6% increase in guidance? I guess there's a danger that sort of consensus extrapolates it into outer years. Any thoughts around that would be welcome. Secondly, just in terms of the U.K. tendering environment, I'm just wondering if you're picking up anything in respect of the post-Brexit tendering environment. I appreciate there's a green paper out there that looks to perhaps accelerate and simplify procurement. Any thoughts there are again, welcome. I'll take the green paper. Actually, I think what the green paper shows is how little room there is for maneuver that a government that wishes to cleave to WTO procurement rules has between EU purchasing and the rules and WTO. Essentially, the principles are there's got to be free, open, and non-discriminatory tendering on all tenders over a size of about a quarter of a million pounds a year. I think that government will find itself disappointed in its ability to go and change the whole dynamic of purchasing in the way public services are bought in the U.K. They are not wanting to go and do a wholesale re-engineering of it. It's one of the few documents I have actually read from back, and where you get to on that is saying, well, they're very keen on the social value. Social value is now kicking in quite hard as part of the adjudication of something. Typically it's about 10% of the thing, and that will have an impact. In terms of making life easier or more difficult for people to bid, I don't think it's going to have a huge amount of impact. I certainly do think it will be very difficult for the government to go, and even if it wanted to go and to discriminate against people. On guidance on that. Yeah, David. Look, the GBP 10 million increase that we've had is largely off a strong start in the year. COVID has provided some of that strong start, but it's only some of it. We've seen a strong start across other parts of our business as well. Then you think, how does that play into future years? We've guided a little bit. We've referenced in the statement that we look at our U.K. business, and the main business has been hit by about GBP 35 million of profit in the year. That means we broadly have GBP 35 million, GBP 40 million going in the opposite direction. It's just really a case of how do those, as far as future years is concerned, is how does that business that's been hit really start to recover as the COVID-specific work starts to unwind? The timing of that is less clear, and we've already talked on a question earlier about how quickly does Merseyrail come back. Thanks. Can I ask, sorry, one more question, just being greedy. I absolutely second your comments about Angus being a prince amongst men and a giant amongst CFOs. Best wishes, Angus. Nobody expects sort of management teams to be around forever. Rupert, I'm just wondering if you can give any reassurance to investors with respect to your ongoing commitment to the business in the near term. Thanks. Well, I can tell you that I'm ongoingly committed to the business. In the story of the chicken and the egg, being the egg and the bacon, the chicken's involved, but the pig is committed. I'm fully pigged up. It is one of the most fascinating businesses to be involved in. As you say, nobody goes on forever. As far as I'm concerned, as I say, fully pigged. Thank you. Thank you. Your last question for today comes from the line of Joe Brent from Liberum. Please go ahead. Your line is open. Good morning. Morning, Joe. Three questions, if I may. Could you give some indication of the order book by geography just to help us understand that organic growth that we're expecting by division? You talk about margin target of up towards 5%. Is my memory playing tricks that historically you might have said 5%-6%? In any event, does not WBB, which is a double-digit margin, and NSBU, which I think is a 7% margin business, start to drag that margin up? Finally, a few people have sort of danced around the subject of COVID in 2021. Am I right in thinking that the Test and Trace will be similar to 2020, but there should be some improvement on some of the areas hit? I think, Rupert, you mentioned a figure of GBP 35 million. Could you just elaborate what that GBP 35 million relates to and how that might come back? Right. Nigel, will you do order book by geography? Yeah. I will do the margin question and the COVID. Why don't you take this first, I'll come back to you on that. Okay. Joe, on the 5%, you are absolutely right, that back in 2015 we said margins of 5%-6%, and we'd still like to head towards that. What we're doing now, if you see at the bottom of the last page, we've got a squiggle in front of the 5%. As far as we're concerned, we're saying margins around 5%, which may well be nearer 6%. We're not changing our medium term aspiration, because we think that we can get to 5%, but it will take some time to get there. You are correct, WBB will add, I think about 1 basis point to the U.S. margin. We've also got to bear in mind when we think about that, is that we've got very high margins being delivered on CMS, and that may not last forever. I think sort of progressing on towards We've gone from 2.3%, we've got to, was it 4.2%? We want to get to five and hopefully above it. I guess I'm not trying to move, I'm just using a different squiggle in front of the 5%. Likewise about growth. Clearly we have grown far faster than 5% and I think that the organic growth rate for next year is about 4%, and that's before we've got WBB obviously coming in as inorganic growth. I think that we're not trying to stealthily reduce expectations. I think what we might be doing is just saying it's taking quite a long time to get there, but directionally we're still headed to the same place. In terms of COVID in 2021, if you look in the report, we say, I think from memory, that there's about GBP 35 million of hit that has come from a combination of leisure, Merseyrail, and extra costs in specifically health. We've then got a GBP 5 million bonus to all staff, which people know about. There have also been some write-offs in leisure. Somewhere you would say, at least GBP 40 million has been sort of kind of offset by the net effect of the Test and Trace contracts has landed us with a GBP 2 million net out of that, all of that mess of pottage. I think that gives you a fairly good indication of the sort of materiality of the contribution of those Test and Trace contracts. As they go away, we would expect some of that GBP 35 million to mitigate, to start coming back. It is very much a question of the speed at which those two things happen, and there is risk in our forecast, but also some opportunity as to the speed of those relative movements in the second half. We are gauging that. One of the lines that we want to put in the sand here is, we hope people are not going to get overexcited by a very strong first half, because it's going to be, but then the second half is going to be quite a lot weaker. There are some headwinds, but there are also going to be some tailwinds, in the form we hope of WBB, but that's not in the forecast, but that will be another layer on top of that. Also some of the pipeline that we've got, hopefully converting some of that into new business. We've had a strong January. Does that kind of help you on that question? That's extremely helpful. Thank you. Order book by geography, Nigel? Order book, Joe. We're looking at about 60% of the order book is in the U.K. and 25% in AsPac, and that tends to be the regions where we have by far the longest contracts, so they'll be the biggest impacts on order book. The Middle East, obviously a smaller business, has a lesser share. Similarly, U.S. has a relatively short, small part of the order book. That's because a lot of those contracts have option years and our definition of order book is we don't include option years. There's about a billion pounds of option years that aren't included in our order book, and also there's a lot of task order work that we need to go out and win in year. We always expect to see a smaller order book in the North America business. I suppose if you look year on year, are there any sort of major changes in those order books, which obviously compares apples with apples for each geography? Nothing material. Fantastic. Thank you. Thank you. I will now hand the call back for closing remarks. Well, closing remarks, other than blooding in tears because of Angus and haranguing because of Nigel, thank you all very much indeed.