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 [...]
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 [...]
Look out Serco, G4S is leaner and meaner – Bottom Line August 13, 2014 Serco should sit up and take notice of G4S’ progress. While both firms were in the mire last year due to a prisoner tagging scandal, G4S swiftly set about overhauling its management and streamlining the business. And it’s working. Admittedly, most of G4S’ growth is coming from emerging markets rather than the UK, but a [...]
Serco warns of lower revenue next year as profit dives August 12, 2014 The magnitude of the challenge facing Rupert Soames was revealed yesterday, as embattled outsourcing firm Serco reported a 66 per cent slump in first-half profit and confirmed that revenues would fall next year, missing industry forecasts. The results came ahead of today’s damning report from HM Inspectorate of Prisons into Serco’s management of Doncaster prison, [...]
Serco reports half-year loss of £7.3m as Angus Cockburn is made new finance chief August 12, 2014 Serco has reported a first-half pre-tax loss of £7.3m, in the wake of a scandal surrounding the company’s use of electronic tags on prisoners. In the same period last year the outsourcing company reported profits of £106m. The company also announced this morning the appointment of Angus Cockburn – currently Aggreko’s interim chief [...]
Serco fails to win rebid for Docklands Light Railway July 4, 2014 Troubled outsourcing firm Serco has received yet more bad news today as Transport for London informed the company it had failed in its rebid to operate and maintain the Docklands Light Railway (DLR). After 17 years of running the DLR Serco will hand it over to a venture between Keolis and Amey. However, Serco was [...]
Serco share price dips as outsourcing firm writes down value of some contracts July 3, 2014 Beleaguered outsourcing firm Serco yesterday warned that it would have to write down the value of several large loss-making contracts, which could hamper its full-year results. Shares in the FTSE 250-listed company dipped almost one per cent on the news, with UK contracts for asylum seeker housing and clinical healthcare set to be among the [...]
New Serco boss Rupert Soames reins in overseas arms June 18, 2014 Serco’s new boss Rupert Soames yesterday put his stamp on the embattled firm, bringing more control of the outsourcer’s overseas businesses back to the UK and announcing a split from its rail partner after more than a decade. The company’s head of Africa, Middle East, Asia and Australasia will step down as part of the [...]