Best of the Brokers for 30 October 2013 October 29, 2013 REDROW Panmure Gordon has upgraded homebuilder Redrow to buy with a target price of 294p following a meeting with the company. “The progress that this company has made in recent years under the current management team is remarkable,” said the analysts. COCA-COLA HELLENIC Greek fizzy drinks giant Coca-Cola Hellenic, now listed in London, has been [...]
Serco draws up shortlist to fill chief role after Hyman resigns October 28, 2013 A SHORTLIST of candidates has already been drawn up to take on the top role at outsourcing firm Serco after Chris Hyman’s shock resignation on Friday, according to reports. Ian Tyler, the former chief executive of FTSE 250 construction firm Balfour Beatty, is reportedly one of the leading contenders and Andy Parker, joint chief operating [...]
Serco boss quits following scandal over government contracts October 25, 2013 Serco Group has today announced its chief executive Christopher Hyman has resigned, in a bid to restore the company's reputation, following an overcharging scandal. Back in July, the government services firm was shaken by allegations of fraud, after justice secretary Chris Grayling accused it of overcharging on contracts to tag criminals. The company reports [...]
Serco secures £355m Dubai deal October 24, 2013 Outsourcing firm Serco yesterday said it has signed a five-year contract extension worth £355m with the Dubai Government Roads and Transport Authority (RTA). Under the agreement, the FTSE 250 firm will continue to operate and maintain the Dubai Metro, with an opportunity to extend the contract for a further two years to 2021. The company first [...]
Best of the Brokers for 17 October 2013 October 16, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com MICHELIN Macquarie has an “outperform” rating on the tyre maker and a 12-month target of €91. The broker sees a moderate recovery in the EU car market, which combined with a strong bounce in truck tyres should push volumes up 2.7 per cent [...]
Serco could lose key Whitehall contracts following fraud probe October 13, 2013 OUTSOURCING firm Serco risks losing three major government contracts if it can’t improve its performance in six weeks. The Cabinet Office, the watchdog for government procurement, is currently investigating Serco’s Whitehall contracts after the company was hit with allegations of fraud in July after claims that it had altered records on the transport and tagging [...]
Serco tight-lipped on rumours of UK and Europe chief’s exit October 6, 2013 TROUBLED outsourcing firm Serco was thrown into further turmoil after it emerged yesterday that its UK and Europe chief executive is expected to leave. The company – which dropped out of the FTSE 100 at the latest quarterly reshuffle – would not confirm Jeremy Stafford’s imminent departure, which was reported by the Sunday Times citing [...]
Serco slims portfolio with sale of occupational health business October 4, 2013 Serco Group has slimmed down its portfolio, having sold off its UK occupational health business for consideration of £3.5m. (Release) Serco had anticipated that the disposed business, which provides occupational health services to 450,000 public and private sector client employees, would deliver restricted growth, owing to it not being entirely in line with other similar [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2013 Avanti Communications Group Paul Walsh, chief executive of Diageo, has joined the board of satellite data company Avanti Communications as a non-executive director. He is also a non-executive director of FedEx Corporation and Unilever. Prior to joining Diageo, Walsh held financial and commercial positions with InterContinental Hotels and in the GrandMet food business, becoming CEO [...]
Serco in fraud probe over tags for the dead September 27, 2013 OUTSOURCING firm Serco could face a fraud probe after a government report alleged it was charging for electronically tagging criminals who were either dead, in prison, or had never been tagged. The Serious Fraud Office (SFO) yesterday confirmed that the Ministry of Justice has asked it to consider a full-blown investigation into the firm, following [...]