Serco in fraud probe over tags for the dead September 26, 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 [...]
Best of the Brokers for 25 September 2013 September 24, 2013 AMEC UBS has cut its rating on the engineering group to “neutral” and lowered its price target from 1,200p to 1,145p. The broker raises concerns about a possible slowdown in Amec’s end-markets and believes earnings momentum, once acquisitions are stripped out, is likely to head lower. CAPITA Panmure Gordon keeps its “hold” recommendation and 950p [...]
Bumi slips out of FTSE 250 after index kicks out troubled miner September 11, 2013 COALMINER Bumi yesterday slipped out of the FTSE 250 at the index’s quarterly review, bringing an end to a deeply unsuccessful spell in the top tiers of British business. The company will now became a member of the FTSE Small Cap index. Set up in 2010 by Nat Rothschild, Bumi has endured a turbulent existence [...]
Serco to probe prisoner contract allegations September 11, 2013 OUTSOURCING firm Serco yesterday said that an internal review into its prisoner escorting contract is now underway, after the Ministry of Justice called in the police to investigate allegations of fraud. The company, which was demoted from the FTSE 100 index yesterday in the quarterly reshuffle, said that it has established a specific board committee [...]
Serco saga continues with promise to clean up for prison and custody services September 11, 2013 Serco's response to a government-wide review of its prison and custody services has today been updated. (Release) The review, announced in July and initiated by an independent audit by the Ministry of Justice (MoJ), alleged fraud in government-contracted services provided by Serco and G4S: The Ministry of Justice (MoJ) and the Directors of [...]
Upgrade work shuts out some Boris Bike users September 9, 2013 CASUAL users of Boris Bikes will not be able to use the cycle hire scheme on Saturday night or Sunday, as TfL upgrades the docking sites ahead of expansion in south and west London. TfL said the work will make it easier for members to view all the journeys they made in the past year [...]
Mike Ashley’s Sports Direct on track for FTSE 100 promotion September 8, 2013 THE FTSE 100 is set to become a more colourful place this week with Sports Direct – controlled by Newcastle United owner Mike Ashley – on track for promotion to Britain’s leading share index. Many pension funds that track the FTSE 100 will then be obliged to buy shares in the company, which has both [...]
Serco shares hit by fraud claims as probe looms August 29, 2013 SERCO had its worst trading day in 11 years yesterday after allegations it fudged performance figures on a £285m contract to deliver prisoners to courts across London. The Hampshire based business, which was awarded the contract by the Ministry of Justice (MoJ) in 2011, has been placed on a three month probation to improve or [...]
Serco reports fall in profits and vows to work with government over overcharging allegations August 29, 2013 Outsourcing group Serco has reported a 2.6 per cent fall in pre-tax profits and an 11.2 per cent fall in earnings per share in the first half of the yar. Pre-tax profits fell to £106.1m from £108.9m, while basic earnings per share fell to 17.19p from 19.35p. Serco, which makes around 45 per cent of [...]
Serco caught in prisoner escort fraud claims August 28, 2013 THE chief executive of FTSE 100 security firm Serco said he was “appalled” last night after the discovery of allegedly fradulent behaviour by some Serco staff working on a prisoner transfer contact. Staff at the FTSE security firm are alleged to have recorded prisoners as having been delivered to court by its vans on [...]