Serco share price dips as investors back rights issue April 17, 2015 Some good news for Serco: the troubled outsourcer said this morning its shareholders had largely supported a rights issue, with acceptances for 520m of 549m (that's 95 per cent) of new ordinary shares offered. The one-for-one rights issue, priced at 101p per new ordinary share, closed on Thursday. This morning, shares dipped 0.2 per cent to [...]
Serco sells luxury Australian rail service Great Southern Rail to Allegro March 30, 2015 Serco, the troubled outsourcer run by Rupert Soames, has extricated itself from Great Southern Rail, it announced this morning. The company said it will sell the "luxury" long-distance rail service to Australian private equity firm Allegro for £2.5m. Earlier this month shares in the outsourcer fell as much as 16 per cent after it posted [...]
Crunch time for troubled Serco Group as vote on proposed rights issue looms March 29, 2015 Shareholders in troubled outsourcing firm Serco will vote today on a proposed rights issue, aimed at raising £550m. The company’s shares dipped by over 30 per cent in the hours following the announcement of its plans in November, which came along with a profit warning for 2014. Serco stated at the time that it would [...]
Serco share price plunges as much as 16 per cent after first revenue fall in 25 years March 12, 2015 The figures Outsourcing firm Serco said full-year revenue fell to £3.95bn, down from £4.28bn a year earlier. The company also made a £1.35bn operating loss, compared to a £146m operating profit in 2013. Shares in Serco fell as much as 16 per cent to 174p in mid-morning trade as investors reacted to the results. Why it's interesting Serco's woes [...]
Troubled Serco could be target for short-sellers February 15, 2015 Struggling outsourcing firm Serco is attracting attention from short-sellers, who are expecting further bad news from the company this year. Hampshire-based Serco revealed in November that it was to raise £550m through a rights issue, at the same time announcing a profit warning for 2014. The firm did not pay a dividend last year as [...]
Serco in the clear: City of London Police find no evidence of any “corporate-wide conspiracy” December 19, 2014 Outsourcing firm Serco has finally received some good news after a disastrous year. After being asked last year to conduct an investigation into whether Serco staff had been misleadingly recording prisoners as ready for court when they were not, the Crown Prosecution Service has accepted the view of the City of London Police and put [...]
Serco chair resigns and takes full responsibility for firm’s troubles November 17, 2014 OUTSOURCING firm Serco Group yesterday announced the resignation of its chairman, Alastair Lyons. Lyons, who has been in the role since 2010, will step down once his replacement has been appointed. He said that the initial findings of the Strategy and Balance Sheet Review, which has been ongoing since early 2014, pointed to “strategic and [...]
Serco share price spikes as chairman Alastair Lyons stands down November 17, 2014 Serco chairman Alastair Lyons has announced his intention to step down from the troubled outsourcing company which last week issued a profit warning and a £550m rights issue. Shares in the company spiked 1.5 per cent higher at 215.10 pence per share as markets opened this morning and were largely flat at 212.072 pence per [...]
Serco share price plummets after profit warning November 10, 2014 Outsourcing firm Serco sent share prices tumbling by almost 33 per cent yesterday, after issuing a profit warning and revealing that it was seeking to raise up to £550m with a rights issue in the first quarter of 2015. The company announced that its forecast profit for 2014 had been reduced by approximately £20m, [...]
Soaring Tesco helps FTSE but Serco plummets – London Report November 10, 2014 BRITAIN’S top share index yesterday advanced to a five-week high as investors bought into the consumer staples and retail sectors, with ailing supermarket group Tesco leading the gainers. The stand-out mover of the day, however, was mid-cap services outsourcer Serco, whose shares fell 32.2 per cent to 215p after saying it planned a rights issue [...]