Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
London Report: UK marks five-year anniversary of low Bank interest rate March 2, 2014 WEDNESDAY marks the five-year anniversary of the Bank of England’s record low 0.5 per cent interest rate, a figure that Thursday’s rates decision is unlikely to change. In other economic news, February PMI reports for manufacturing, construction and services will be announced. The corporate calendar starts today with news from Amlin, Intertek, Keller Group, Senior [...]
Serco shares rocket on appointment of Aggreko chief February 28, 2014 Scandal-hit Serco has announced this morning that it’s appointed Rupert Soames, current chief executive (CEO) of Aggreko, as its new CEO. Shares have jumped over 10 per cent on the news. Source: Google Chris Hyman, the company’s last boss, left in October, following the string of fiascos concerning the electronic tagging of prisoners. Last [...]
Capita rockets on swathe of new contracts February 27, 2014 OUTSOURCING firm Capita yesterday pleased the market with a 14 per cent rise in full-year profit, boosted by a £5.5bn bid pipeline. The FTSE 100-quoted company posted a 15 per cent rise in underlying revenue to £3.85bn and pre-tax profits of £475m in 2013. Shares rose over four per cent in the morning, before closing [...]
Mitie to run immigration centres February 11, 2014 Outsourcing group Mitie will soon be the biggest immigration centre operator in the private sector, after winning the right to run two centres near Heathrow. The Home Office contract, worth £180m over eight years, will make Mitie responsible for around 900 people detained at Colnbrook and Harmondsworth. The sites were previously managed by Serco and [...]
Serco has RAF contract renewed February 10, 2014 Serco, the FTSE 100 outsourcing firm that recently had its ban on winning new government work lifted, yesterday said that it has been re-awarded an RAF contract by the Ministry of Defence. The six-year agreement, which starts on 1 April, is valued at over £15m and has an option for another six years. “We are [...]
MPs blast G4S and Serco on housing deal February 5, 2014 OUTSOURCING firm Serco yesterday faced a bashing from a committee of MPs over its management of an asylum seeker housing contract, less than a week after its ban on winning new government work was lifted. Margaret Hodge, chair of the public accounts committee, grilled executives from FTSE 100-quoted Serco, peer G4S and smaller firm Clearsprings [...]
Best of the Brokers for 05 February 2014 February 4, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com SERCO Cantor Fitzgerald has kept its “sell” rating and slashed its target from 460p to 365p in the wake of the outsourcing group’s profit warning last week. Despite the firm’s repaired relationship with the government, the broker is worried that management changes will [...]
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 [...]
Serco sheds 16pc on tagging-related profit warning January 30, 2014 Disgraced government contractor Serco has seen its shares plunge 16 per cent this morning, after it issued a profit warning. Serco announced that it’s expecting a fall in operating profit of up to 20 per cent in 2014, because of less work being secured and the "attrition" from lost contracts, including the government's electronic tagging [...]
Labour demands parliamentary review into defence outsourcing January 29, 2014 THE DEBATE over the Ministry of Defence’s (MoD) outsourcing initiatives raged on yesterday, after Labour called for full parliamentary scrutiny of the department’s plans to hire a private company to support the management of its military estate. The MoD has denied that it is privatising or outsourcing the way it runs its military estate, but [...]