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Latest Finance News related to Serco

Mears Group cuts profits forecast in wake of Grenfell Tower fire image
Source : Guardian [Read Article] Tuesday 15th of August 2017 01:00:41 PM
....6% at 448p, having been down by 11% at one stage. Russ Mould, an investment director at AJ Bell, commented: “Delays to social housing contracts in the wake of the Grenfell Tower disaster mean that Mears will miss its budgets for the year and add to a litany of woe for the support services sector, where firms such as Aggreko, G4S, Interserve, Carillion, Serco and Mitie have already badly disappointed, albeit for a wide range of different reasons. ...
Serco’s boss suffers through his wilderness years image
Source : Guardian [Read Article] Sunday 30th of July 2017 05:59:11 AM
.... It happened to Winston either side of the second world war and, in his own sphere, grandson Rupert Soames looks to be receiving some similar treatment. Soames, of course, runs the embattled outsourcing giant Serco – which many think would not now exist had he not come to save it during many, many long months of struggle and of suffering. ...
G4S awarded £25m government contract despite fraud inquiry image
Source : Guardian [Read Article] Monday 10th of July 2017 04:50:36 PM
.... A three-year attempt to develop a “bespoke” GPS tag by the justice ministry was abandoned in 2016. An SFO investigation into allegations of overcharging in the main electronic monitoring contracts of offenders in England and Wales began in 2013, when a general ban was imposed on G4S and a second company, Serco, bidding for any government work. ...
As with everything Brexit, the battle for the City will be messy | Nils Pratley image
....50 of a year ago, before the first of two hefty profits warnings related to overspending on the London congestion charge contract and failure to spot the rot in the now-sold recruitment business. But it should encourage the idea that Capita requires less surgery than sprawling rival Serco did. ...
Snap IPO: a 21st-century firm with a 19th-century structure image
Source : Guardian [Read Article] Thursday 2nd of March 2017 07:36:11 PM
....Yet this deCapitation feels like a borderline case. It’s not as if the company has fallen apart as spectacularly as, say, rival Serco did a couple of years ago. ...
Vast losses at RBS are a legacy of a failed system | Will Hutton image
Source : Guardian [Read Article] Sunday 26th of February 2017 12:05:15 AM
.... British banks have paid more than £53bn in fines for misconduct, notably in the mis-selling of personal protection insurance policies, over the past 15 years. Then there are the never-ending accounting and contractual irregularities that plague the public outsourcing industry, from Serco to G4S. ...
What did Rolls-Royce directors know about bribery scandal? 'No comment' image
Source : Guardian [Read Article] Thursday 19th of January 2017 07:00:30 AM
.... He left the company in 2015 as its financial performance deteriorated. Now non-executive director at leading UK companies Unilever, Serco and Informa. ...
Italy's political class should be very alarmed if MPS needs state bailout image
Source : Guardian [Read Article] Wednesday 21st of December 2016 07:38:35 PM
.... This state bailout looks like investors’ vote of little confidence in Italy. The sins of Serco and G4S, circa 2013, were grave. ...
Capita to replace staff with robots to save money image
Source : Guardian [Read Article] Thursday 8th of December 2016 07:29:14 PM
....The company refused to blame the Brexit vote for the disappointing update but said earlier this year that uncertainty over the UK’s relationship with the European Union had hit its business, delaying key contracts. Capita is predominantly UK-based, unlike bigger rivals, such as G4S and Serco, which have been sheltered to a large degree from the Brexit-related fallout by their bigger geographical footprint. ...
Capita shares dive to 10-year low after profit warning image
Source : Guardian [Read Article] Thursday 8th of December 2016 11:20:33 AM
.... Capita has hired Goldman Sachs to sell the unit and has already had interest, Parker said. Capita is predominantly UK-based, unlike bigger rivals such as G4S and Serco that have been sheltered to a large degree from Brexit-related fallout by their bigger geographical footprint. ...

Serco raises expectations for trading performance, sending shares to 14-month high
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Pound drops on Bank of England rate cut, as FTSE 100 rises image
Source : BBC [Read Article] Thursday 4th of August 2016 11:35:21 AM
.... . Outsourcing company Serco was up 10% after it raised its 2016 profit forecast for the second time this year. ...

US set to import British beef and lamb for the first time in 20 years
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Source : Telegraph [Read Article] Tuesday 26th of July 2016 11:01:00 PM
....". Charles Sercombe, livestock board chairman at the National Farmer's Union, which represents British farmers, said: “The US is potentially a huge and affluent market that has strong links to the UK as we share history and language. ...

Serco boss: We need five years to prepare a post-Brexit trade plan  
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Source : Telegraph [Read Article] Sunday 24th of July 2016 04:30:01 PM
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Texas officials vote against British firm's plans for immigration detention center image
. An abrupt about-face has thwarted efforts by the British security firm Serco to open its first family detention center in Texas. ...
British firm aims to open immigration detention center near US-Mexico border image
. The British security firm Serco has moved a step closer to entering the controversial but lucrative immigration detention market in the US, as the company successfully lobbied public officials in a small Texas county near the Mexico border to propose that the federal government open a family detention centre in the jurisdiction. ...
The problem is not London's foreign investors – it's where their money goes image
.... With an ageing demographic, we need our population to expand; and with birth rates declining, immigration will be key to propping up the economy, the NHS and the care industry. Most asylum seekers live in housing contracted out to companies like G4S and Serco, and many of the properties are in poor condition, as the public accounts committee (PAC) has noted. ...
G4S warns of potential £57m loss over asylum-seeker housing deal image
Source : Guardian [Read Article] Wednesday 9th of March 2016 02:03:06 PM
....G4S also announced that it intends to sell its entire Israeli business, which employes 8,000 people and has a turnover of £100m, and confirmed the sale of its UK “children’s services”, including the scandal-hit Medway private secure training centre. The shareholder warning underlines the loss-making nature of the Home Office contracts under which G4S, the public services company Serco, and a third company, Clearsprings, provide housing for more than 30,000 asylum seekers dispersed outside London and the south-east. ...
FTSE jumps nearly 2% after Wall Street rally but Capita slides image
Source : Guardian [Read Article] Thursday 25th of February 2016 10:00:33 AM
....Capita’s exit from weaker businesses has clearly driven a marginal improvement in metrics, but falling cash generation and conversion should remain a concern for investors as the portfolio is further rebalanced. But rival Serco has risen 15% to 94p after trading profits of £138m beat expectations amid signs its turnaround plan after a series of contract problems and scandals could be working. ...
The government should withdraw its job offer to this Amazon executive | Margaret Hodge image
....The announcement that the government is going to ban charities who are awarded government contracts from campaigning on issues that affect those they represent provides further evidence of bias. Are the private companies who secure government contracts, like Capita, Serco or Atos prohibited from lobbying or campaigning on issues that affect them? Are the big four accountancy firms, who earn a substantial income from government contracts, banned from campaigning to secure tax changes that would benefit them and their other clients? Of course not, but their lobbying and influence is mostly private and secret whereas charities campaign publicly and openly. ...
G4S paid to look after empty beds at scandal-hit Medway youth jail image
Source : Guardian [Read Article] Sunday 24th of January 2016 04:03:53 PM
.... Six members of staff were dismissed. In 2014, following a Guardian investigation, 14 children who had been unlawfully restrained in STCs run by G4S and Serco were awarded damages amounting to £100,000. ...
John Menzies chief quits 15 months into the job image
Source : Telegraph [Read Article] Wednesday 13th of January 2016 12:00:31 PM
.... . Mr Stafford was appointed to the job less than a year and a half ago, having previously been at Serco, where he was operations director when the outsourcer was caught up in the scandal over the electronic tagging of offenders. ...
G4S guards at youth prison alleged to have falsified reports to avoid fines image
.... In 2004, 15 year-old Gareth Myatt died after being restrained by three adult guards at Rainsbrook STC, operated by the company. In 2014, following a Guardian investigation, 14 children who had been unlawfully restrained in STCs run by G4S and Serco were awarded damages amounting to £100,000. ...
Andy Burnham calls for G4S to be stripped of youth prisons contract image
Source : Guardian [Read Article] Sunday 10th of January 2016 06:51:14 PM
....Related: G4S, the company with no convictions – but does it have blood on its hands? | Simon Hattenstone and Eric Allison. In 2014, following a Guardian investigation, 14 children who had been unlawfully restrained in STCs run by G4S and Serco were awarded damages amounting to £100,000. ...
G4S hit by fresh scandal at youth offenders centre image
Source : Telegraph [Read Article] Friday 8th of January 2016 09:25:20 AM
.... . G4S - along with Serco – were alleged to have overcharged for monitoring offenders, some of whom were found to be back in prison, overseas or dead. ...
Hedge funds short troubled outsourcing firm G4S as shares drop image
Source : Telegraph [Read Article] Saturday 2nd of January 2016 06:10:32 PM
.... . G4S and its rival outsourcer Serco were temporarily barred from bidding for public sector contracts after they were accused of charging the government for tagging suspects who were in fact already in prison or dead. ...
A dearth of new leaders to run corporate Britain image
Source : Telegraph [Read Article] Saturday 26th of December 2015 05:26:32 PM
.... It is not just in retail (which is known to be cliquey) that this occurs. Serco is another prime example of a board trying to think outside the box, but instead selecting a quintessential City stalwart to lead it through its problems. ...
Strike halts Caledonian Sleeper train image
Source : Guardian [Read Article] Tuesday 22nd of December 2015 08:15:33 AM
....Members of the Rail, Maritime and Transport union were due to walk out at 6. 30pm on Tuesday for 48 hours after the failure of last-ditch talks with Serco, which runs the service. ...
Sleeper trains halted by strike image
Source : BBC [Read Article] Tuesday 22nd of December 2015 07:57:04 AM
....There will be no further sleeper services before Christmas, in spite of this normally being an especially busy period. Members of the RMT union voted to back the 48-hour strike in a dispute with operator Serco over defects on trains. ...
Serco does a U-turn on sale of leisure and environmental divisions   image
Source : Telegraph [Read Article] Tuesday 15th of December 2015 03:57:58 PM
. Troubled outsourcer Serco has done a U-turn on plans to sell its environmental and leisure units as it seeks to get back on track after last year’s huge profit warning, write-down and £550m fundraising. ...
Southern Railway conductors vote to strike over staff shortages image
Source : Guardian [Read Article] Tuesday 15th of December 2015 01:35:03 PM
....Meanwhile, train staff on the overnight Scotland-London service, the Caledonian Sleeper, have also voted by a large majority to strike. The RMT has been in dispute with the franchise operator, Serco, over alleged defects in the service which it says are putting staff at risk. ...
Rupert Soames is still dodging the tomatoes at Serco image
Source : Telegraph [Read Article] Monday 7th of December 2015 05:53:10 PM
FTSE rises as Prudential leads insurers higher, but Shell and BP slide image
Source : Guardian [Read Article] Monday 7th of December 2015 09:54:25 AM
....The idea of $20 oil is being tabled once again and this could well see those questions being repeated as to exact value that sits in the BG Group acquisition. Outsourcing group Serco has slid nearly 8% to 105. ...
Serco shares crash on profit warning image
Source : Telegraph [Read Article] Monday 7th of December 2015 09:47:43 AM
. Shares in outsourcing group Serco crashed as much as 13pc this morning as profit warning spooked investors. ...
Serco profit warning sends shares crashing image
Source : Guardian [Read Article] Monday 7th of December 2015 08:58:24 AM
. Serco has warned that next year’s profits will be less than expected after the troubled government outsourcing operator sold its offshore call centre business and failed to replace some lost contracts. ...
Webhelp call centres for Shop Direct to close with 700 jobs lost image
Source : Guardian [Read Article] Thursday 3rd of December 2015 06:12:50 PM
....The changes will not affect about 400 staff in Aintree who work directly for Shop Direct handling financial services telephone queries. Gillian Campbell, the HR director of Webhelp, which took over the running of the call centres from services company Serco in August this year, conceded that the move would save money. ...
The deal that would make Serco happy as a cat that got the cream image
Source : Telegraph [Read Article] Saturday 21st of November 2015 09:06:39 PM
. Ask Rupert Soames to describe what shape Serco was in when he was parachuted in to rescue the company, and he could choose any number of similes, most of them involving animals. ...
Serco aims for rehabilitation after scandals image
Source : Telegraph [Read Article] Saturday 21st of November 2015 08:45:20 PM
. Trouble outsourcing giant Serco is aiming to come back in from the corporate wilderness by landing one of the biggest government contracts for years. ...
Sleeper service workers to be balloted image
Source : BBC [Read Article] Friday 13th of November 2015 02:55:05 PM
....This has led to delays and cancellations, the union said. Serco, which took over Caledonian Sleeper earlier this year, said it was disappointed the union was considering industrial action. ...
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 City News: Gym Group, E.ON, Serco, Barclays image
Source : Daily Express [Read Article] Monday 9th of November 2015 11:23:00 PM
....-----------------------------------------------------------------------------------------------. Serco cuts losses on deal. ...
Serco cuts losses on Australian naval contract image
Source : Telegraph [Read Article] Monday 9th of November 2015 12:49:32 PM
. Serco has been given a lift after managing to renegotiate one of its biggest loss-making contracts which contributed to last year’s massive profit warning. ...
Serco criticised after hiring limo to move asylum seekers image
Source : Guardian [Read Article] Wednesday 14th of October 2015 12:11:49 AM
. Serco, the outsourcing group, has apologised for what the Home Office described as the “totally inappropriate” use of a stretch limousine to transport a group of asylum seekers from London to Manchester. ...
Lloyds share sale is grubby and indefensible image
Source : Guardian [Read Article] Monday 5th of October 2015 06:40:01 PM
....Capita, traditionally, is a company that doesn’t do big deals and doesn’t stray far from the UK. Such conservative instincts may help to explain why, unlike outsourcing rivals Serco and G4S in recent years, Capita has not capitulated to management over-reach or skulduggery with contracts. ...
Source : Independent [Read Article] Saturday 3rd of October 2015 02:22:54 AM
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Source : Independent [Read Article] Friday 25th of September 2015 05:25:37 PM
.... It is better to wait and see before venturing into what has become a volatile arena. Among those I am tempted to enlist is Serco, the troubled services group. ...
Source : Independent [Read Article] Monday 21st of September 2015 04:15:00 AM
. The Government has delayed a decision on the management of the Atomic Weapons Establishment, which is currently run by British outsourcer Serco and US giants Lockheed Martin and Jacobs Engineering but has been plagued with cost overruns and delays. ...
Source : Independent [Read Article] Thursday 17th of September 2015 12:27:39 AM
. Rupert Soames has delivered on one of the first pledges he made when he became chief executive of Serco, the troubled services group, with the sale of its massive offshore outsourcing operations to the private equity firm Blackstone for £250m. ...
Serco finally sells troubled division for £250m image
Source : Guardian [Read Article] Wednesday 16th of September 2015 02:11:34 PM
. Serco, the controversial outsourcing group, has finally sold its troubled foreign business processing division at a £45m loss. ...
Business community warns living wage could hit employers and staff image
Source : Guardian [Read Article] Wednesday 16th of September 2015 12:11:00 PM
.... The Institute of Directors said at the time of the announcement that members would be able to manage. And companies that provide outsourced services, including Serco, Mitie, G4S and Interserve, also welcomed the increase. ...
Serco on the road to recovery with £250m sale of Indian call centre business image
Source : Telegraph [Read Article] Wednesday 16th of September 2015 09:09:07 AM
. Serco has offloaded one of the millstones around its neck, selling its troubled foreign business processing outsourcing (BPO) unit to Blackstone for £250m. ...
BBC pulls the plug on £2bn IT system fiasco  image
Source : Telegraph [Read Article] Saturday 12th of September 2015 06:00:28 PM
.... The procurement programme is being circled by several major IT suppliers, including Atos, which runs the current contract after buying the relevant division of Siemens five years ago. A host of global giants including HP, Ericsson, Fujitsu, BT, HCL, Capita, Serco and IBM are also in the frame. ...
Fewer than 3% of government contracts go to startups, this must change image
Source : Guardian [Read Article] Wednesday 19th of August 2015 06:00:18 AM
.... According to a speech given in 2011 by former Cabinet Office executive director Chris Chant, just five suppliers won 80% of all government IT procurements. Large outsourcers such as Capita and Serco have increased their share of government work in recent years, and this is a common procurement problem the world over. ...
Source : Independent [Read Article] Wednesday 12th of August 2015 03:15:00 AM
. The City’s taste for scandal-hit Serco Group has fluctuated after the British outsourcer posted a revenue and profit fall but also hailed progress in its turnaround. ...
Serco on 'bumpy' road to recovery says chief executive image
Source : Telegraph [Read Article] Tuesday 11th of August 2015 09:43:54 AM
. Serco appears to be turning a corner after unveiling better-than-expected first-half results, suggesting the outsourcer's recovery plan is starting to pay off. ...
Serco shows signs of revivial  image
Source : Daily Express [Read Article] Monday 10th of August 2015 07:29:00 AM
. Serco said last month trading had been ''a little better than anticipated'' in the period, leaving investors to breathe a sigh of relief after a couple of torrid years for the group since it admitted in 2013 that it had charged the Government for tagging criminals who were dead or non-existent. ...
Source : Independent [Read Article] Monday 10th of August 2015 05:15:00 AM
....73bn operating profit. The day also brings outsourcer group Serco under the spotlight, with chief executive Rupert Soames offering a chance to hear his turnaround plans. ...
Does Rupert Soames hold key to Serco success? image
Source : Guardian [Read Article] Sunday 9th of August 2015 08:00:04 AM
. It’s August and the corporate news is drying up as Britain’s bosses head for their holiday villas, so let’s be thankful that Serco and G4S are around to enliven the week. ...
In the City: Let's hear it for boring companies image
Source : Telegraph [Read Article] Monday 3rd of August 2015 06:17:54 PM
.... . Falling between several different industries, and with no recognisable consumer brands, Intertek is the type of support services firm that Serco and G4S probably wish they were: low-profile. ...
Nuclear weapons firm sheds 500 jobs image
Source : BBC [Read Article] Thursday 30th of July 2015 02:33:59 PM
....". AWE Management Limited is a consortium of Serco Group plc, the Lockheed Martin Corporation and Jacobs Engineering Group. ...
North London landlord tops list of housing offence convictions image
Source : Guardian [Read Article] Wednesday 22nd of July 2015 11:01:02 PM
.... “I probably could have dealt with one or two of those issues better than I did but none of us are perfect,” he said. The data also includes well-know corporate names such as Serco, which was fined £5,120 for an unlicensed fire-risk bedsit in Liverpool. ...
US deal lifts Dixons Carphone shares image
Source : BBC [Read Article] Thursday 2nd of July 2015 08:16:20 AM
....The firm said demand for homes was being supported by an "increasingly competitive mortgage market". Shares in outsourcing company Serco continued to rise following its comments on Wednesday that it was still on track to meet full-year profit and sales targets. ...
Serco on its road to recovery after scandals is doing 'better than anticipated' image
. Despite lower first-half revenue, driven by the loss of contracts such as the Docklands Light Railway, Serco said trading had been “a little better than we anticipated”. ...
Serco shares jump on signs of revival at scandal-hit outsourcer image
Source : Guardian [Read Article] Wednesday 1st of July 2015 05:57:36 PM
. Serco’s shares have leapt after the embattled outsourcing company said trading in the first half of its financial year was slightly better than expected. ...
Serco surges as investors see it on the road to recovery image
Source : Telegraph [Read Article] Wednesday 1st of July 2015 12:10:35 PM
. Troubled outsourcer Serco appears to have arrested its woes, reporting that first-half trading was stronger than expected. ...
Ferry workers dispute talks postponed image
Source : BBC [Read Article] Monday 29th of June 2015 11:36:22 AM
....Two thirds of state-owned CalMac's ferry services were cancelled on Friday during a 24-hour strike by RMT members. The dispute centres on concerns that Clyde and Hebrides ferry routes could be taken over by private firm Serco. ...

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