Coalition tells top suppliers to cut the cost of services July 8, 2010 FRANCIS Maude, the minister for the Cabinet Office, yesterday hauled in the bosses of blue-chip companies and asked them to cut the cost of the services they provide to the government. Nineteen chief executives, from the likes of Serco, BT, Logica and Vodafone, were summoned to the meeting and told to do their bit to [...]
Serco wins £415m contract to build a new London prison July 5, 2010 SERCO has signed a contract to run a new London prison, despite concerns that public spending cuts could mean fewer deals for support services firms. Serco, which runs the DLR and detention centres in Australia, said its consortium signed a contract worth £415m with the Ministry of Justice to build and manage a prison at [...]
Serco: Coalition will come good for outsourcers July 5, 2010 THERE may be trouble ahead for outsourcers. The new coalition government is intent on getting a better deal from support services firms; as one of the biggest clients in town, the likes of Serco are powerless to resist. But while there is short-term uncertainty, this government will outsource more in the future. The massive Work Programme [...]
Firms to help run welfare to work plan June 29, 2010 THE government yesterday invited bidders from the private and voluntary sectors to join its new welfare-to-work programme, in a bid to end Britain’s culture of joblessness. Work and pensions secretary Iain Duncan Smith hopes that outsourcing firms like Serco, Capita and Cap Gemini will bid for the contracts, which will provide big rewards for firms [...]
Serco insists it is on track for strong revenue growth in 2010 June 29, 2010 Serco yesterday said it was on track for strong revenue growth in 2010, predicting its future performance would benefit from client demand for efficiency amid a state spending squeeze in Britain. UK-based Serco, which runs prisons in Australia, air traffic control towers in the US and tugs boats for the Royal Navy, said its strong [...]
RMT in Tube strike talks June 21, 2010 TALKS TO prevent strikes on the London Underground and Docklands Light Railway (DLR) took place yesterday at conciliation service Acas as rail union RMT met Tube Lines and Serco. Platform and station staff on the DLR, which carries commuters to and from Canary Wharf, are due to walk out for three days starting Wednesday 23 [...]
Chancellor to declare the winners and losers June 21, 2010 WITH tax rises and spending cuts expected in today’s Budget, many equity strategists are advising investors to steer clear of stocks heavily reliant on UK-based revenues. Instead, contracts for difference (CFD) traders should target equities with international and private sector exposure. The emergency Budget is likely to focus on tax rises instead of detailed spending [...]
Commuters hit by DLR strike June 14, 2010 COMMUTERS heading into work later this month will be faced with further disruptions after rail union RMT announced Docklands Light Railway (DLR) workers will walk off the job for three days in June. The dispute, which will see DLR workers strike from 23 to 26 June, is over pay and conditions. RMT general secretary Bob [...]
Ash cloud dispersal boosts aerospace stocks while Tories spur defence firms May 12, 2010 AEROSPACE and defence stocks helped drive Britain’s top share index higher yesterday with investors relieved over the formation of a new British government. The FTSE 100 index closed up 49.24 points, or 0.9 per cent, at 5,383.45, having fallen one per cent on Tuesday. Rolls Royce, Cobham and BAE Systems helped boost the blue chips, [...]
CITY MOVES | WHO’S SWITCHING JOBS May 5, 2010 Advent International The private equity firm has hired Kevin Beeston, the outgoing chairman of Serco Group, as an operating partner. Beeston will be tasked with helping Advent identify investment opportunities in the business services sector, and will also continue in his role as chairman of Advent’s portfolio company Domestic & General. He has worked for [...]