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 [...]
Outsourcing giants to discuss contracts reform with Whitehall officials February 24, 2020 The country’s biggest outsourcers will hold Whitehall talks with top civil servants to discuss changes to the public sector’s procurement process. Twenty chief executives – from companies such as BT Group, Capita and G4S – will meet with civil service chief executive John Manzoni tomorrow. City sources told Sky News the meeting will address “new [...]
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 [...]
21 UK stocks in danger from a Labour election win November 15, 2019 The Labour party today announced it will nationalise parts of BT if it wins power in December’s General Election. The party would nationalise the telecoms giant’s Openreach fibre rollout arm in a bid to create a UK-wide network owned by the government. Read more: BT chief executive warns Labour’s part-nationalisation would cost £100bn Shadow chancellor [...]
Keep an eye on these shares during General Election November 8, 2019 The UK is holding a general election on 12 December. All the political parties are keen to return discussion to domestic policies after years of neglect because of Brexit, but the UK’s proposed departure from the EU will continue to dominate the debate. Still, whichever party wins (or parties, if it results in a hung parliament) [...]
Exclusive: Outsourcers told Michael Gove no-deal Brexit planning is stalling industry October 10, 2019 Whitehall has come under pressure from some of its most prominent public service providers for slow decision-making, as time and resources are increasingly directed towards no-deal Brexit planning. Three sources with knowledge of the matter told City A.M. that de facto no-deal Brexit secretary Michael Gove has been urged to “get a move on” so [...]
‘As expected’ at Babcock as firm looks to new frigate contract for boost September 25, 2019 Babcock reiterated its expectations for the financial year after a half where its zenith was winning a £1.25bn contract to build new warships for the navy. The firm’s marine sector performed well, Babcock said, as its warship support business revved up. Meanwhile the order book filled up in its technology business. Read more: Defence industry [...]
Outsourcing failures have ‘undermined public trust’ in policy September 15, 2019 The government’s repeated failure to outsource public services effectively has “caused harm and waste,” stoking calls from Labour to nationalise them, according to research. In a stinging rebuke of outsourcing failures over recent years, the Institute for Government (IfG) said this evening the policy has, at times, “let down” the people most in need in [...]
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 [...]