Ministry of Justice on hunt for new firm for tagging contract March 5, 2014 THE MINISTRY of Justice yesterday said it is searching for a new firm to take on part of its prisoner tagging contract, after talks with preferred bidder Buddi fell through. FTSE 100 outsourcing firms Serco and G4S were stripped of the contract last year after allegations of fraud. It was then split into four parts, [...]
Serco earnings hit by prisoner tagging scandal March 4, 2014 SCANDAL-STRUCK outsourcing firm Serco’s acting chief executive yesterday said he was confident of a return to growth, despite a 62 per cent decline in full-year profit and a gloomy outlook for 2014. “The events of 2013 absorbed management’s focus and, therefore, interrupted the normal process of improving efficiency and developing our business into new areas,” [...]
Analyst Views: Were Serco’s full-year results in line with your expectations? March 4, 2014 SAM THOMAS | CANTOR FITZGERALD The results were disappointing, as we expected. Pre-tax profits decreased around two per cent to £254.4m, below consensus of £258.7m. While we welcomed Friday’s announcement that Soames would become group chief executive, he will have his work cut out. Serco is in need of serious repair. MIKE ALLEN | PANMURE [...]
Serco profits plunge and warns of tough times ahead March 4, 2014 Troubled outsourcing firm Serco has seen its profit before tax plummet by 62 per cent to £106m. The company has been hit hard by profit warnings and large fines for overcharging on tagging prisoners. Ed Casey, acting group CEO, said: We have been through a difficult year and there remains much to be done to [...]
What you need to know before the open March 4, 2014 Russia’s stock market has jumped five per cent this morning, a rebound from yesterday’s catastrophic fall of over 10 per cent. The rebound could be a response to reports that Russian troops have been ordered back to their bases, which also mean European markets should open higher this morning. The US has suspended military relations [...]
Troubled Serco strengthens its board with three new directors March 3, 2014 SCANDAL-TAINTED outsourcing giant Serco yesterday unveiled the appointment of three new eminent non-executive directors, after hiring a new chief executive at the end of last week. The FTSE 100 firm has hired Rachel Lomax, former deputy governor of the Bank of England, Mike Clasper, former chief executive of BAA and Tamara Ingram, executive vice president [...]
What you need to know before the open March 3, 2014 European stock futures have been falling as the tensions in Ukraine continue to rise. The rouble is currently at an all-time low, and Russia’s central bank has announced it’s hiking its benchmark interest rate from 5.5 per cent to seven per cent. All European markets are expected to fall sharply at the open, after Ukraine [...]
Serco bags 3 leading lights as non-execs March 3, 2014 After announcing at the end of last week that it’s appointed a new chief executive – in the form of current Aggreko chief Rupert Soames – government contractor Serco has said this morning that its drafted in three impressive new non-executives. Rachel Lomax, former deputy Bank of England governor, Mike Clasper, ex-BAA chief and chairman [...]
London Report: UK marks five-year anniversary of low Bank interest rate March 2, 2014 WEDNESDAY marks the five-year anniversary of the Bank of England’s record low 0.5 per cent interest rate, a figure that Thursday’s rates decision is unlikely to change. In other economic news, February PMI reports for manufacturing, construction and services will be announced. The corporate calendar starts today with news from Amlin, Intertek, Keller Group, Senior [...]
Serco shares rocket on appointment of Aggreko chief February 28, 2014 Scandal-hit Serco has announced this morning that it’s appointed Rupert Soames, current chief executive (CEO) of Aggreko, as its new CEO. Shares have jumped over 10 per cent on the news. Source: Google Chris Hyman, the company’s last boss, left in October, following the string of fiascos concerning the electronic tagging of prisoners. Last [...]