New Serco boss kicks off with a £160m placing May 1, 2014 RUPERT Soames has started his tenure as head of Serco with a £160m fundraising to avoid a default on the outsourcing firm’s debts. Serco said worsening trading meant it was coming “uncomfortably close” to its leverage ratio limits, prompting the share placing to tide the firm over while Soames works out where to take the [...]
Serco seeks emergency cash as finance chief makes exit April 30, 2014 SERVICES giant Serco announced its intention to raise around £170m yesterday, as Andrew Jenner bows out as the group’s chief financial officer (CFO). The group will place nearly 50m more shares to raise the cash, just shy of 10 per of the firm’s existing share capital. Jenner has been the group’s CFO for 12 years, and [...]
Serco slides as market expects it to warn on 20pc lower profit April 29, 2014 SERCO’S shares plummeted almost 20 per cent yesterday morning and closed 15 per cent lower, after the struggling outsourcer warned a downgrade to profit forecasts and a rights issue may be on the cards. The scandal-tainted FTSE 250 company did not give further details, but analysts at Liberum and Investec forecast a 20 per cent [...]
Serco expected to warn on 20 per cent lower profits April 29, 2014 Serco’s shares plummeted almost 20 per cent this morning and have closed over 15 per cent lower, after the struggling outsourcer warned a downgrade to profit forecasts and a possible rights issue may be on the cards. Former Aggreko boss Rupert Soames takes over as Serco’s chief executive on Thursday, but the appointment of this [...]
Serco flags up profit warning and cash call April 28, 2014 SERCO warned yesterday that it may need to downgrade its profit forecasts and tap investors for cash through a rights issue, after a worse-than-expected performance this year. The FTSE 100 outsourcing firm, which settled claims it had overcharged the government on a prisoner-tagging contract last year, had already warned in January that profits would fall [...]
Serco earnings hit by prisoner tagging scandal March 4, 2014 SCANDAL-STRUCK outsourcing firm Serco’s acting chief executive yesterday said he was confident of a return to growth, despite a 62 per cent decline in full-year profit and a gloomy outlook for 2014. “The events of 2013 absorbed management’s focus and, therefore, interrupted the normal process of improving efficiency and developing our business into new areas,” [...]
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 [...]
