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 [...]
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 [...]