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 [...]
The 100 City people you need to follow on Twitter this year, day three: Chairmen and chief executives January 7, 2015 Last year was a tough one to be a leader in the City. As regulators got tough on businesses in the finance, energy and infrastructure sectors, there was a moral panic about who pays how much tax, with various companies having their dirty washing put unceremoniously on display. So you can forgive chairmen and chief [...]
Philip Clarke, Euan Sutherland and Dov Charney – the bosses who left us in 2014 December 19, 2014 This year has had its fair share of disasters – from the Co-op’s continued struggles to Tesco’s melting share price. But what of the people behind the stories? We’ve got the best, worst and most surprising people moves of the year. 1. Philip Clarke makes an unceremonious departure from Tesco Clarke stepped down at [...]
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 [...]
Outsourcing giants targeted by MPs’ report December 9, 2014 A POWERFUL committee of MPs is calling for big private-sector contracts for government services to be broken up and divided between smaller suppliers, to avoid a too-big-to-fail disaster. The Public Accounts Committee claims that Whitehall departments are not running big contracts effectively and that the taxpayer is often not getting value for money. The MPs [...]
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 [...]
Aggreko share price jumps despite revenue hit by strong pound November 14, 2014 If Aggreko is missing former boss Rupert Soames, it isn't showing it. Shares in the temporary power provider rose more than four per cent in early trading, as the company announced third-quarter figures in line with expectations. Soames, the grandson of Winston Churchill, departed earlier this year to take the helm at embattled outsourcer Serco. [...]
G4S share price edges up as it reveals growth in developing markets and North America November 12, 2014 It's been a disappointing few years for outsourcer G4S, but things might finally be looking for the company. It reported this morning its performance was in line with expectations, with organic revenue growth rising 4.2 per cent in the nine months to 30 September, thanks to "strong growth" in its US and emerging markets businesses. [...]