Serco CEO Rupert Soames has given the group’s shareholders a first half trading update, in which he stated that Serco is “in reasonably good order” and should meet full-year profit expectations.

During 2015 Serco has started to sell off a significant amount of its BPO portfolio, opting instead to focus on providing public sector services. £1 billion in new contracts – including a lucrative five-year deal with the Saudi Railway Company worth £120 million – supports Soames’ claim that business is stabilising after a volatile 2014.

According to the update, Serco’s trading in the first half of 2015 has been slightly better than anticipated. £1.7 billion by the end of June was the minimum expected, still down from £2 billion this time last year.

The jury is still out on whether Soames is capable of turning Serco’s fortunes around. One analyst informed Sam Knight at the Guardian, “If there is one person who can turn around a sinking ship it is probably Rupert” but went on to admit his success is far from guaranteed.

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Related: Serco is “Trading in Line with Expectations”