Analyst Views: How did you take Rolls’ results and outlook for the year? February 13, 2014 SASH TUSA | EDISON INVESTMENT RESEARCH Rolls’ management is likely to focus on the operational challenges associated with the falling defence backlog and transition to a high level of Trent XWB deliveries. [T]he continued news-flow concerning the SFO investigations… [is] likely to be an unwelcome distraction, but not core to the investment case. JONATHAN JACKSON [...]
Rolls Royce shares plummet on SFO corruption probe February 13, 2014 Rolls Royce shares have taken a hit this morning, currently down almost 15 per cent after the engine manufacturer confirmed that it may face prosecution for alleged corruption in overseas dealings. What's more, it also saw reported profit before tax plunge 36 per cent – to £1.8bn in 2013 from a year earlier – due in part to [...]
Two arrested in Rolls-Royce bribery probe February 12, 2014 TWO MEN were arrested yesterday after the Serious Fraud Office co-ordinated raids across London as part of its investigation into Rolls-Royce. The fraud squad, which opened a criminal probe into claims of bribery and corruption at Rolls-Royce in December, confirmed the property searches and the arrests. The National Crime agency and the City of London [...]
HP audit finds profit shortfall at Autonomy February 3, 2014 BRITISH software firm Autonomy allegedly inflated its revenue and profit by as much as 81 per cent before Hewlett-Packard (HP) bought it for $11bn (£6.74bn) in 2011, according to UK accounts filed by HP on Friday. Autonomy, currently at the centre of fraud investigations by the Serious Fraud Office (SFO) and the US Department of [...]
SFO pleads for extra funding January 30, 2014 THE SERIOUS Fraud Office (SFO) has made an urgent plea for £19m of extra funding from the Treasury. In a written ministerial statement the solicitor general Oliver Heald explained that the SFO has asked for emergency contingency funding to “meet an urgent cash requirement on existing services.” A cash advance of £11m on the £19m [...]
Stock drops on Serco warning over earnings January 30, 2014 TROUBLED outsourcing firm Serco yesterday warned that profits would fall in 2014, overshadowing the good news that its ban on winning new government work had been lifted. The FTSE 100-quoted company was barred from winning fresh government contracts due to allegations of fraud, but yesterday the Cabinet Office said that the firm “had developed a [...]
What the other papers say this morning – 20 January 2014 January 20, 2014 FINANCIAL TIMES David Cameron faces EU isolation David Cameron risks “damaging Europe” with his anti-immigration stance, according to some of Britain’s allies, leaving the prime minister looking isolated in his attempts to restrict free movement in the EU. Ministers and officials from several EU powers told the Financial Times they would resist Mr Cameron’s attempts [...]
Serco awarded extension to run Boris Bikes January 9, 2014 SERCO, the beleaguered outsourcing firm under investigation by the Serious Fraud Office (SFO), yesterday said it has won a £38m two-year contract extension with Transport for London (TfL) to manage and operate the Barclays Cycle Hire Scheme. The original contract to design, build and operate the service – commonly known as Boris Bikes, named after [...]
G4S in second Serious Fraud Office probe December 19, 2013 CONTRACTOR G4S will be referred to the Serious Fraud Office (SFO) for a second time after a Ministry of Justice (MoJ) audit found problems with two further contracts for facilities management in British courts. The issues surround the invoicing, delivery and performance of these contracts and G4S has been asked to implement a corporate renewal [...]
Serco to repay government £68.5m for tagging scandal December 19, 2013 Serco has agreed to repay the government £68.5m for overcharging for its tagging of criminals, Justice secretary Chris Grayling has confirmed. Both Serco and rival G4S have been found to have overcharged on contracts dating back to 2005, in a review prompted by allegations surrounding the two firms. The Serious Fraud Office (SFO) opened a [...]