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Serco Group PLC (SRP.L)

SRP.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Serco Group Updates On Health Facilities Acquisition​
Wednesday, 14 Feb 2018 02:00am EST 

Feb 14 (Reuters) - Serco Group Plc ::‍SERCO SEA UPDATE ON HEALTH FACILITIES ACQUISITION​.‍REVISED BUSINESS PURCHASE AGREEMENT SIGNED WITH SPECIAL MANAGERS, PROVISIONAL LIQUIDATORS ACTING ON BEHALF OF RELEVANT CARILLION SUBSIDIARIES​.‍IF ALL CONTRACTS ARE TRANSFERRED TO SERCO UNDER REVISED BPA PROCESS, TOTAL CONSIDERATION PAYABLE WOULD BE £29.7M​.‍POTENTIAL REVENUES, PROFITABILITY OF CONTRACTS TRANSFERRED UNDER BPA SUBSTANTIALLY UNCHANGED FROM INDICATED IN DECEMBER 2017​.‍UPON RECEIPT BY SPECIAL MANAGERS AND LIQUIDATORS OF REQUISITE CONSENTS, EACH CONTRACT WILL BE TRANSFERRED TO CO ON CASH- FREE, DEBT FREE BASIS​.  Full Article

Serco Says Karen Shields To Lead Health Services Business Unit‍​
Friday, 2 Feb 2018 01:13pm EST 

Feb 2 (Reuters) - SERCO GROUP PLC ::KAREN SHIELDS PROMOTED TO LEAD SERCO'S HEALTH SERVICES BUSINESS UNIT‍​.IN HER NEW ROLE, SHIELDS OVERSEES CO'S OPERATIONS ON CMS CONTRACT AWARDED IN 2013.SHIELDS ALSO LEADS EXPANSION OF CO'S CONSULTING, BUSINESS PROCESSING, AND OPERATIONAL SOLUTIONS THAT ASSIST GOVERNMENTS WITH HEALTHCARE SERVICES.SHIELDS NOW REPORTS DIRECTLY TO DAVE DACQUINO, SERCO'S CHAIRMAN AND CEO.  Full Article

Serco Awarded $600 Million Single-Award ID/IQ Contract to Support Disaster Recovery
Tuesday, 2 Jan 2018 08:30am EST 

Jan 2 (Reuters) - Serco Group Plc ::AWARDED A POSITION ON FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) PUBLIC ASSISTANCE TECHNICAL ASSISTANCE CONTRACT (PA TAC) IV.RECEIVED A SINGLE-AWARD INDEFINITE DELIVERY, INDEFINITE QUANTITY (ID/IQ) CONTRACT THAT HAS A CEILING VALUE OF $600 MILLION OVER NEXT FIVE YEARS.  Full Article

Serco Group says standing down on Middle East Light Rail Bids
Monday, 13 Nov 2017 10:15am EST 

Nov 13 (Reuters) - Serco Group Plc :TENDERING PROCESS FOR MIDDLE EAST RAIL OPPORTUNITIES IS TAKING MUCH LONGER THAN ANTICIPATED, DECIDED TO STAND DOWN BIDDING TEAMS AND REDIRECT EFFORTS ELSEWHERE​.THE BIDS REPRESENTED AN AGGREGATE £2.5BN OF £7.9BN PIPELINE; THEY WILL NO LONGER BE PART OF NEXT PIPELINE UPDATE THAT WILL BE REPORTED WITHIN FY RESULTS.  Full Article

Serco wins 26 mln stg extension to pilot training contract
Thursday, 26 Oct 2017 10:22am EDT 

Oct 26 (Reuters) - SERCO GROUP PLC ::AWARDED EXTENSION TO HELICOPTER PILOT TRAINING CONTRACT AT RAF BENSON‍​.EXTENSION WILL SEE THE CONTRACT CONTINUE UNTIL AT LEAST OCTOBER 2025‍​.EXTENSION HAS A TOTAL ESTIMATED CONTRACT VALUE OF 26 MLN STG OVER THE EIGHT YEAR TERM, WITH POTENTIAL OPTIONS TO FURTHER EXTEND THE CONTRACT TO 2037.  Full Article

Carillion updates on financing, disposals and work winning
Tuesday, 24 Oct 2017 02:00am EDT 

Oct 24 (Reuters) - Carillion Plc ::UPDATE ON FINANCING, DISPOSALS AND WORK WINNING.CARILLION PLC - ‍PROVIDES AN UPDATE ON DISCUSSIONS WITH ITS CREDITORS, DISPOSALS AND NEW CONTRACT WINS.​.CARILLION PLC - ‍SIGNING OF TWO COMMITTED FACILITIES, TOTALLING £140 MILLION, AS CONTEMPLATED BY THIS TERM SHEET​.CARILLION PLC - ‍ADDITIONAL LIQUIDITY IS FULLY AVAILABLE TO DRAW DOWN NOW​.‍THERE IS NO CHANGE TO 2017 GUIDANCE​.CARILLION - AGREED NEW COMMITTED BONDING FACILITIES, WITH DEFERRAL OF CERTAIN PENSION CONTRIBUTIONS.CARILLION PLC - ALSO AGREED TO ‍DEFERRAL OF REPAYMENT OF PRIVATE PLACEMENT NOTES DUE IN NOVEMBER 2017 AND SEPTEMBER​.CARILLION PLC - ‍DEFERRALS WILL BE UNTIL EARLIER OF FIVE BUSINESS DAYS FOLLOWING, (I) REPAYMENT OF NEW COMMITTED FACILITIES, AND (II) 1 JANUARY 2019​.CARILLION - ‍NEW FACILITIES AND AGREED DEFERRALS OUTLINED ABOVE IMPROVE GROUP COMMITTED HEADROOM THROUGHOUT 2018 BY BETWEEN APPROXIMATELY £170M AND £190M​.CARILLION - SIGNED HEADS OF TERMS WITH SERCO FOR DISPOSAL OF A LARGE PART OF ITS UK HEALTHCARE FACILITIES MANAGEMENT BUSINESS FOR AN AGREED PRICE OF £50.1M​.CARILLION PLC - ‍HAS AGREED TO GIVE SERCO A PERIOD OF EXCLUSIVITY TO PROVIDE PARTIES WITH TIME TO FINALISE A BUSINESS PURCHASE AGREEMENT.CARILLION PLC - ‍TRANSFERS OF CONTRACTS PURSUANT TO THIS DISPOSAL ARE EACH SUBJECT TO RECEIPT OF THIRD PARTY CONSENTS, AND, IF REQUIRED, SHAREHOLDER APPROVAL​.  Full Article

Serco ‍to acquire BTP Systems for $20 mln​
Tuesday, 24 Oct 2017 02:00am EDT 

Oct 24 (Reuters) - Serco Group Plc ::SERCO GROUP PLC - ‍TO ACQUIRE BTP SYSTEMS LLC ON A CASH-FREE, DEBT-FREE BASIS FOR $20M​.SERCO GROUP PLC - ‍ACQUISITION, SUBJECT TO REQUIRED APPROVALS, IS EXPECTED TO COMPLETE AROUND END OF YEAR​.  Full Article

Serco awarded contract to manage Texas department of transportation traffic management center
Thursday, 24 Aug 2017 11:38am EDT 

Aug 24 (Reuters) - Serco Group Plc ::Serco awarded new contract to manage the Texas department of transportation traffic management center.Contract has a one-year base period and three one-year option periods, and is valued at $7 million​.  Full Article

Serco group H1 results in line with guidance, on track for full year
Thursday, 3 Aug 2017 02:09am EDT 

Aug 3 (Reuters) - Serco Group Plc :Underlying trading profit £35.3m as expected versus £50.6m.Reported revenue was broadly flat at £1.51 billion, comprising a 7.6% organic decline, also as anticipate.Reported operating profit declined by £43m;.Closing net debt increased by £40m during period to £149m..Operating costs reduced in proportion to scale of underlying revenue reduction; we remain on track to achieve savings.Pipeline of larger new bid opportunities now at £7.9bn, down £0.5bn.Guidance for 2017 unchanged - revenue of £3.1bn and underlying trading profit of between £65m and £70m;.Movement in currency since our February statement may, if sustained, have a small negative effect..Trading in first half of 2017 keeps us on track to achieve our expectations for full year, and represents an improvement in underlying trading profit on second half of 2016..We have succeeded in maintaining pipeline at broadly similar levels despite strong order conversion..We remain sensibly cautious in light of political environment.  Full Article

Serco appoints Blackrock for a 1.5 bln stg liability driven investing portfolio
Thursday, 20 Jul 2017 04:21am EDT 

July 20 (Reuters) - Serco Group Plc :Serco appoints Blackrock for a 1.5 bln stg LDI mandate.Trustees of Serco pension scheme have appointed Blackrock to manage its liability driven investing (LDI) portfolio.Appointment follows a competitive tender process, coordinated by scheme's investment consultant​​.LDI strategy has now been aggregated into one portfolio managed solely by Blackrock.  Full Article

UPDATE 2-Serco rallies on signs it can withstand bumpy UK outsourcing road

* Focus on margin growth amid tough revenue outlook for sector (Adds details, quotes, background on outsourcing)