‘As expected’ at Babcock as firm looks to new frigate contract for boost September 25, 2019 Babcock reiterated its expectations for the financial year after a half where its zenith was winning a £1.25bn contract to build new warships for the navy. The firm’s marine sector performed well, Babcock said, as its warship support business revved up. Meanwhile the order book filled up in its technology business. Read more: Defence industry [...]
Outsourcing failures have ‘undermined public trust’ in policy September 15, 2019 The government’s repeated failure to outsource public services effectively has “caused harm and waste,” stoking calls from Labour to nationalise them, according to research. In a stinging rebuke of outsourcing failures over recent years, the Institute for Government (IfG) said this evening the policy has, at times, “let down” the people most in need in [...]
Serco extends controversial Australian migrant detention centre contract September 11, 2019 Outsourcer Serco will continue running Australian immigration detention centres for the next two years, after the country’s government extended the controversial contract which has already run for a decade. Read more: Serco fined £19m for government tagging contract fraud The agreement means Serco will continue running a divisive facility on Christmas Island, an Australian overseas [...]
Deloitte sued for £20m over collapse of storage firm August 11, 2019 A Yorkshire-based businessman is suing big four accountant Deloitte and international law firm Clyde & Co over allegations that Barclays bank exerted “informal control” over the financial giants during the winding down of his firm. Jason Schofield, a businessman who ran Leeds’ based storage firm Rhino Enterprises, is suing two joint administrators at Deloitte and [...]
Serco continues to power ahead of outsourcing crowd after US deal July 31, 2019 Serco shares rose today after it reported a nearly one-third jump in first-half underlying profit. The outsourcer, which has increasingly looked overseas in recent years, said the increase was in part down to revenue growth in North America. Read more: Serco fined £19m for government tagging contract fraud Shares rose five per cent today. The [...]
It’s up to the business world to make the case for capitalism July 30, 2019 Barely a moment after the new Prime Minister took office, the leader of the opposition was already calling for a General Election. While there are no current plans to go to the country in the next few months, Labour is ramping up its election strategy. Anyone who believes in capitalism and free enterprise should be [...]
Army fire-fighting service handed to outsourcer Capita in £525m deal July 18, 2019 The Army has tasked outsourcer Capita with running its firefighting service at bases across the UK for the next 12 years. Defence minister Tobias Elwood said the £525m contract award would deliver “significant financial savings”. The army would invest this money into other areas of Britain’s defence budget, he added. Read more: Capita takes on [...]
Deloitte fined £6.5m for role in Serco tagging scandal July 4, 2019 Big-Four auditor Deloitte was today fined £6.5m and “severely reprimanded” for its role in Serco’s electronic tag scandal. The Financial Reporting Council fine was reduced to £4.2m after the auditor admitted misconduct in connection to the scandal Serco yesterday agreed a deferred prosecution agreement with the Serious Fraud Office over three offences of fraud and [...]
Serco fined £19m for government tagging contract fraud July 3, 2019 Outsourcer Serco has agreed to pay a £19.2m fine to the Serious Fraud Office after it overcharged the government for a contract. The company will also cover the SFO’s £3.7m costs. It has already paid back the Ministry of Justice in a £70m settlement in 2013. Read more: Serco tried to merge with struggling Babcock [...]
Babcock: Serco’s rebuffed bid had ‘no strategic merit’ June 17, 2019 Babcock has confirmed it rejected a takeover approach from its smaller rival Serco in January. Read more: Serco tried to merge with huge rival Babcock Serco had proposed an “all-share combination” between the two industrials companies but Babcock’s board unanimously rejected it, the outsourcer said today. Board members concluded that “a combination of the two [...]