Serco continues overseas push as it pens £61m contract to manage Australian remand centre March 18, 2019 Outsourcer Serco has been tasked with managing an Australian remand centre housing hundreds of prisoners, in a deal worth 115m Australian dollars (£61m). The public sector contractor will manage the centre for at least seven years, with a five-year extension option. Read more: Serco seeks to capitalise on Brexit chaos as financial revival continues Serco’s [...]
Rival outsourcers could buy out Interserve services business as Mitie makes inquiries March 17, 2019 Interserve’s uncertainty continued over the weekend as rivals expressed an interest in buying the most profitable part of its business. It is understood fellow outsourcer Mitie contacted Interserve’s administrator EY over the weekend, as well as a consortium of banks and hedge funds which now own the firm, about buying its support services arm. Read [...]
Serco seeks to capitalise on Brexit contract chaos as financial turnaround continues February 21, 2019 Outsourcing giant Serco said it could benefit from Brexit in the coming months if the government “needs help quickly,” raising its sales forecast for the coming year. "If we’re going to take back control, we’re going to need people to do the taking-back and the controlling,” chief executive Rupert Soames told City A.M.. “The government [...]
Serco turnaround boss Soames joins packaging firm DS Smith board February 13, 2019 Rupert Soames, chief executive of outsourcing giant Serco, has joined packaging firm DS Smith as a non-executive director and member of its board. The news buoyed the FTSE 100 packaging supplier’s shares, as the company expects to benefit from the businessman’s “hands-on experience of the UK plc environment. Read more: Serco wins billion-dollar Australian army [...]
Serco wins billion-dollar army health contract down under as foreign push continues February 4, 2019 Support services outsourcer Serco has pushed on with increasing the amount of work it does overseas as the UK market stagnates, with a new billion-dollar contract win in Australia. The firm has been tasked with providing healthcare for around 80,000 members of the Australian army for the next six years, in a deal worth 1.01bn [...]
A year on from Carillion: 12 months that brought outsourcing to its knees January 15, 2019 On the anniversary of Carillion’s dramatic collapse, two more public sector outsourcing giants, Interserve and Kier Group, are up against the ropes. In the intervening 12 months, outsourcers have lurched from one crisis to another, with profit warnings, massive project failures and revelations of systemic late payment of suppliers. City A.M. charts a year which [...]
Carillion one year on: Government outsourcers are still struggling with growing debt piles January 15, 2019 On the anniversary of Carillion’s collapse, government outsourcers are still reporting ballooning debt levels as they try to balance the books. Kier Group, Interserve, Serco, Sodexo and Sopra Steria, who are all on the government’s list of strategic suppliers for 2019, have taken on hundreds of millions of pounds worth of debt in the last [...]
Serco shares jump to 14-month high as government awards decade-long asylum seeker housing contracts worth billions January 8, 2019 Outsourcers Serco and Mears have been tasked with providing a decades-worth of accommodation and support for asylum seekers across the UK, in a string of billion-pound contract awards. The 10-year contracts, worth £1.9bn for Serco and £1bn for Mears, bumped both companies’ share prices up around seven per cent today. Home Office minister Baroness Susan [...]
Serco share price jumps as losses beat expectations August 11, 2015 Shares in troubled outsourcer jumped nearly three per cent to 129.2p in early trading after it displayed Churchillian levels of stoicism… The figures In a statement this morning, Serco said revenues in the six months to the end of June fell to £1.8bn, from £2bn this time last year, while its operating profit fell to a £24.8m loss [...]
Serco share price rallies as it reaffirms profit and sales forecasts for this year July 1, 2015 Shares in Serco were rallied today after the embattled outsourcing company reaffirmed its profit and sales forecasts for this financial year. Shares in Serco closed up 7.7 per cent to 125.7p per share in London this afternoon. At the open this morning they had jumped as much as 13 per cent. "Trading in the year to-date [...]