The week ahead, 14-18 December: Shaftesbury, SSP, Petrofac, and interest rates December 13, 2020 All eyes will be fixed firmly on Brussels this week, as businesses across the country hold their breath to see if the UK can finally reach a deal with the EU. With markets on edge as they await the outcome of the talks, there’s little to distract traders, with only a handful of firms reporting [...]
Serco shares crash as outsourcer loses role on nuclear weapons consortium November 2, 2020 Shares in Serco plummeted this morning after the outsourcing giant confirmed that the government had taken back management of its atomic weapons development facility. Shares dropped nearly 12 per cent as markets opened as traders digested the news. Yesterday Sky News reported that the government was due to announce that it would take over the [...]
Serco lifts annual outlook after Covid contract wins October 16, 2020 Serco (SRP) raised its full-year forecasts after contract extensions in the UK and cost-cutting measures boosted its third quarter results. In an unscheduled trading statement, the contractor said it had achieved strong revenue growth in the third quarter, with all regions performing better than expected. Serco said it had seen a strong performance in the [...]
Serco boss defends ‘remarkable’ coronavirus test and trace system July 1, 2020 The boss of outsourcing giant Serco has issued a strident defence of the NHS’ coronavirus “test and trace” system, calling it a “huge achievement”. Speaking to City AM’s City View podcast, Rupert Soames said that 114,000 people had agreed to isolate after being contacted within the first three weeks of the programme. The company has [...]
The City View: Rupert Soames, CEO of Serco, says private sector has ‘proven itself’ during crisis July 1, 2020 In this episode Christian talks to Rupert Soames, CEO of the outsourcing giant Serco, about the private sector’s relationship with government. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Serco, which manages the government’s coronavirus test and trace system, has been on a dramatic turnaround in recent years, something which Soames says was made possible by a commitment to excellence [...]
Serco grows revenue for first times since 2013 as outsourcer puts past behind it February 26, 2020 Outsourcing giant Serco posted its first year of revenue growth since 2013 and paid its first dividend since 2014 as the firm entered the new decade in style. Shares in the firm rose over three per cent over the day’s trading. The figures Revenue grew 15 per cent in 2019, from £2.8bn in 2018 to [...]
Former Serco directors charged with defrauding Ministry of Justice over tagging contract December 16, 2019 The Serious Fraud Office (SFO) has charged two former Serco executives with fraud and false accounting as part of an investigation into the outsourcing giant’s electronic tagging contract. Nicholas Woods and Simon Marshall have both been charged with fraud by false representation and false accounting in relation to representations made to the Ministry of Justice [...]
Serco returns to UK growth as outsourcer puts woes behind it December 12, 2019 Public services outsourcer Serco’s UK revenues have returned to growth for the first time since 2013. Six years ago, revelations emerged that the company had charged taxpayers to monitor released prisoners who were actually dead or still in jail with electronic tags. Read more: Serco fined £19m for government tagging contract fraud It became part of [...]
Serco extends controversial Australian migrant detention centre contract September 11, 2019 Outsourcer Serco will continue running Australian immigration detention centres for the next two years, after the country’s government extended the controversial contract which has already run for a decade. Read more: Serco fined £19m for government tagging contract fraud The agreement means Serco will continue running a divisive facility on Christmas Island, an Australian overseas [...]
Serco continues to power ahead of outsourcing crowd after US deal July 31, 2019 Serco shares rose today after it reported a nearly one-third jump in first-half underlying profit. The outsourcer, which has increasingly looked overseas in recent years, said the increase was in part down to revenue growth in North America. Read more: Serco fined £19m for government tagging contract fraud Shares rose five per cent today. The [...]