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Serco Group PLC (SRP.L)

SRP.L on London Stock Exchange

24 Mar 2017
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0.70 (+0.62%)
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Latest Key Developments (Source: Significant Developments)

Serco named preferred bidder to operate correctional centre in Australia
Thursday, 16 Mar 2017 03:00am EDT 

Serco Group Plc : Named preferred bidder to operate new grafton correctional centre (ngcc) in New South Wales, Australia . Contract for operation is expected to commence in 2020 .Estimated total contract value to serco over a 20-year term is approximately AUD2.6bn.  Full Article

Serco 2016 underlying trading profit 82 mln stg, outlook unchanged
Wednesday, 22 Feb 2017 02:00am EST 

Serco Group Plc : Fy revenue 3.048 billion stg versus 3.515 billion stg year ago . Revenue - continuing and discontinued operations (2) £3,047.8m £3,514.6m . Says outlook revenue - continuing and discontinued operations (2) £3,047.8m £3,514.6m . Says outlook revenue - continuing and discontinued operations (2) £3,047.8m £3,514.6m . Underlying trading profit (3) £82.1m £95.9m . Net debt (including that for assets and liabilities held for sale) £109.3m . Underlying trading profit (3) declined by £14m to £82m . Trading profit (3) was £18m higher than underlying trading profit due principally to £14m net reduction in future liabilities . Closing net debt increased by £46m to £109m; however, net debt : ebitda leverage of 0.7x, was similar to last year . Continued progress reducing burden of loss-making contracts . Pipeline of larger new bid opportunities ended year at £8.4bn, a year-on-year increase of £1.9bn . Guidance for 2017 unchanged . Rupert Soames, Serco group chief executive, said: "these results show that execution of our five-year plan remains on track" .Our view of likely performance in 2017 remains unchanged from previous guidance.  Full Article

G4S no longer needs 57 mln stg contingent liability on Compass contract
Thursday, 8 Dec 2016 07:34am EST 

Britain's G4S : Spokesman says "we no longer expect 57 million stg contingent liability from compass asylum seeker support contract to materialise" . Expectation follows improved terms on Compass contract announced earlier by the UK govt [nL5N1E32PQ] (Reporting by Elisabeth O'Leary) ((elizabeth.oleary@thomsonreuters.com;)).  Full Article

Serco sees reduced liabilities over UK asylum contract
Thursday, 8 Dec 2016 07:15am EST 

Serco Group Plc : Extension of compass contract . This charge included expectation that contracts would be extended, and this assumption has now proved correct . Will in next few weeks be carrying out a re- estimation of future losses based on latest information . Serco - based on initial estimates, likely that this will result in a reduction in OCP on compass contracts, although they will continue to be heavily loss-making . At time of our 2014 contract & balance sheet review, Serco took an onerous contract provision against compass contracts of 112 mln stg . In 2015 and first half of 2016, utilisation of OCP was broadly in line with our original expectations . At this early stage, we estimate that net reduction in future liabilities will be around 20 mln stg .Serco group plc - extension of Compass contract.  Full Article

Serco says appointed preferred bidder in Barts Health NHS trust tender
Thursday, 22 Sep 2016 06:03am EDT 

Serco Group Plc : Statement re Barts Health NHS trust tender . Confirms that it has received notification that it has been appointed preferred bidder . Trust's procurement has an estimated total value of up to 600 million stg over a potential 10-year term .There is currently a mandatory standstill period following appointment decision.  Full Article

Serco forecasts higher full-year profit
Thursday, 4 Aug 2016 02:16am EDT 

Serco Group Plc : H1 revenue 1.518 billion stg versus 1.789 billion stg year ago . 2016 half year results . H1 underlying trading eps 3.7 pence . £0.9bn total value of signed contracts, of which 16 are worth more than £10m each . Pipeline of larger new bid opportunities of £7.3bn, an increase of £0.8bn over period and £2.3bn year-on-year . Board has not declared an interim dividend for 2016 . Targeted for 2016 achieving over £50m of overhead and other cost reductions from central support functions and other overheads . Too early to say how this will play out; our largest customers - ministry of defence and ministry of justice - are amongst least exposed to brexit issues . Overall, we think that brexit offers both risks and opportunities for serco . H1 revenue - continuing and discontinued operations (1) £1,517.9m versus £1,789.3m year earlier . H1 underlying trading profit (2) £51.0m versus £46.9m year earlier . Better trading performance and currency movements lead us to increase guidance for 2016; latest expectations are revenue of approximately £3.0bn and underlying trading profit of not less than £80m . View of 2017 not materially changed on a constant currency basis . Have removed some £550m from our operating costs - ceo . Definition we use for our reported pipeline is new bid opportunities with annual revenue of at least £10m . Must consider how brexit might affect our business with british government.  Full Article

Outsourcing firm Serco says no change to its FY expectations
Thursday, 30 Jun 2016 02:00am EDT 

Serco Group Plc : Close period . There have been no subsequent changes to our expectations . Most of items driving stronger performance will not recur . Underlying trading profit will be weighted significantly to first half of 2016 .Better performance in 2016 has not changed our views for 2017.  Full Article

Serco sees FY underlying trading profit of at least 65 mln stg
Wednesday, 25 May 2016 02:01am EDT 

Serco Group Plc : Financial performance has been stronger than we anticipated in first four months of year . Expect underlying trading profit for 2016 to be ahead of current market expectations . Latest reforecast indicates FY revenue of approximately 2.9 bln stg and FY underlying trading profit of not less than 65 mln stg .Increase in guidance for 2016 does not change our view of likely outcome for 2017.  Full Article

Serco wins 166 mln stg Australian prison contract extension
Wednesday, 24 Feb 2016 02:05am EST 

Serco Group Plc:Extension of contract to operate acacia prison in western australia​.Extended its contract with western australian government to operate acacia prison for a further five years, to may 2021.​.Extension of contract to operate acacia prison ‍.Total value of contract extension, signed today, is expected to be £166m (a$324m) over five year period.​.  Full Article

Serco Inc secures contract from U.S. Navy Personnel Management
Thursday, 22 Oct 2015 09:58am EDT 

Serco Inc:Secures contract to support the U.S. Navy Bureau of Naval Personnel (BUPERS) as they focus on better aligning their personnel resources.Five year contract has a one-year base period and four one-year option periods, with a total value of $15.4 million, if all options are exercised.  Full Article

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