Serco to write down value of contracts, could hit profits

LONDON, July 3 Thu Jul 3, 2014 2:13am EDT

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LONDON, July 3 (Reuters) - British outsourcing firm Serco , forced to raise cash after a collapse in profits, said it expected to write down the value of some of its larger contracts following a review of its business.

The firm said the writedowns could hit its previously stated expectations for the financial year.

The firm, which said it was trading in line with expectations, said it was likely that some provisions would be taken when it reports its half-year results.

(Reporting by Kate Holton, Editing by Paul Sandle)

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