Serco profits plunge and warns of tough times ahead March 4, 2014 Troubled outsourcing firm Serco has seen its profit before tax plummet by 62 per cent to £106m. The company has been hit hard by profit warnings and large fines for overcharging on tagging prisoners. Ed Casey, acting group CEO, said: We have been through a difficult year and there remains much to be done to [...]
Serco bags 3 leading lights as non-execs March 3, 2014 After announcing at the end of last week that it’s appointed a new chief executive – in the form of current Aggreko chief Rupert Soames – government contractor Serco has said this morning that its drafted in three impressive new non-executives. Rachel Lomax, former deputy Bank of England governor, Mike Clasper, ex-BAA chief and chairman [...]
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 [...]
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 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 [...]
Serco forced to pay £68.5m for contract flaws December 19, 2013 SHARES in beleaguered outsourcing company Serco rallied in trading yesterday after the company said it had reached a £68.5m settlement with the Ministry of Justice (MoJ) over allegations it overcharged on contracts. The company had run into trouble over allegations it overcharged for electronically tagging prisoners. It was later found that some of these were [...]