British outsourcer Serco warns on 2014 profits

LONDON Thu Jan 30, 2014 5:50am EST

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LONDON Jan 30 (Reuters) - British outsourcing group Serco said 2014 profit could be as much as 20 percent below market forecasts due to the cost of improving its business after contract failures with its biggest customer, the UK government.

Serco is overhauling its business, including restructuring its UK unit and strengthening its board to appease the government following some high profile contract blunders last year.

Analysts had on average expected a 2014 adjusted pretax profit of 277 million pounds, but Serco said on Thursday it could be 10-20 percent lower.

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