Serco in the clear: City of London Police find no evidence of any “corporate-wide conspiracy” December 19, 2014 Outsourcing firm Serco has finally received some good news after a disastrous year. After being asked last year to conduct an investigation into whether Serco staff had been misleadingly recording prisoners as ready for court when they were not, the Crown Prosecution Service has accepted the view of the City of London Police and put [...]
Outsourcing giants targeted by MPs’ report December 9, 2014 A POWERFUL committee of MPs is calling for big private-sector contracts for government services to be broken up and divided between smaller suppliers, to avoid a too-big-to-fail disaster. The Public Accounts Committee claims that Whitehall departments are not running big contracts effectively and that the taxpayer is often not getting value for money. The MPs [...]
Serco chair resigns and takes full responsibility for firm’s troubles November 17, 2014 OUTSOURCING firm Serco Group yesterday announced the resignation of its chairman, Alastair Lyons. Lyons, who has been in the role since 2010, will step down once his replacement has been appointed. He said that the initial findings of the Strategy and Balance Sheet Review, which has been ongoing since early 2014, pointed to “strategic and [...]
Serco share price spikes as chairman Alastair Lyons stands down November 17, 2014 Serco chairman Alastair Lyons has announced his intention to step down from the troubled outsourcing company which last week issued a profit warning and a £550m rights issue. Shares in the company spiked 1.5 per cent higher at 215.10 pence per share as markets opened this morning and were largely flat at 212.072 pence per [...]
Aggreko share price jumps despite revenue hit by strong pound November 14, 2014 If Aggreko is missing former boss Rupert Soames, it isn't showing it. Shares in the temporary power provider rose more than four per cent in early trading, as the company announced third-quarter figures in line with expectations. Soames, the grandson of Winston Churchill, departed earlier this year to take the helm at embattled outsourcer Serco. [...]
G4S share price edges up as it reveals growth in developing markets and North America November 12, 2014 It's been a disappointing few years for outsourcer G4S, but things might finally be looking for the company. It reported this morning its performance was in line with expectations, with organic revenue growth rising 4.2 per cent in the nine months to 30 September, thanks to "strong growth" in its US and emerging markets businesses. [...]
Serco share price plummets after profit warning November 10, 2014 Outsourcing firm Serco sent share prices tumbling by almost 33 per cent yesterday, after issuing a profit warning and revealing that it was seeking to raise up to £550m with a rights issue in the first quarter of 2015. The company announced that its forecast profit for 2014 had been reduced by approximately £20m, [...]
Soaring Tesco helps FTSE but Serco plummets – London Report November 10, 2014 BRITAIN’S top share index yesterday advanced to a five-week high as investors bought into the consumer staples and retail sectors, with ailing supermarket group Tesco leading the gainers. The stand-out mover of the day, however, was mid-cap services outsourcer Serco, whose shares fell 32.2 per cent to 215p after saying it planned a rights issue [...]
Serco share price tanks as it warns of lower profits and plans £550m rights issue November 10, 2014 Shares in outsourcing firm Serco plunged more than 31 per cent in the first minutes of trading as it announced a £550m rights issue. In an update to the market this morning the company, which has been beset by a string of woes including being accused of over-charging the government for the electronic tagging of [...]
FirstGroup fails in bid to renew ScotRail franchise October 8, 2014 First Group will not continue to run the ScotRail route, the transport operator has announced. In a statement released this morning the company, which does business both in the UK and North America, said it was disappointed not to have retained the contract and pointed to "our record of improvement across every measurable score". The [...]