Articles about Serco

Churchill on the roof of the Evening Standard building, 1938; Reference: Nemon Papers, NEMO 5/3; credit Churchill Archive

Serco stems its gigantic losses, shrinks 2015's to a mere £70m

Outsourcer Serco has stemmed the flow of its haemorrhaging profits, posting a loss of £69.4m in 2015, down from £991m last year. The outsourcer is currently in the middle of a major strategic turnaround. In a statement clearly channelling the spirit of his grandad, Winston Churchill, Serco chief exec Rupert Soames said: "Our …
Kat Hall, 25 Feb 2016

Serco slashes profit outlook thanks to call centre biz exit

Profits at outsourcing giant Serco are expected to plunge by almost 50 per cent next year to £50m next year, on revenue down 20 per cent to £2.8bn, according to a statement released today. The warning follows the loss of a number of key public sector deals which had previously contributed toward a sizeable chunk of its revenue …
Kat Hall, 7 Dec 2015
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Serco CEO Soames brags about £250m sale of BPO private sector biz

Scandal-hit Serco has finally resold its private-sector business process outsourcing (BPO) division to the previous private equity owner Blackstone for £250m, equating to a loss of £165m. The division consists of middle and back-office skills across customer contact, transaction and financial processing, as well as related …
Paul Kunert, 16 Sep 2015
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It's a bad day to be Serco's CEO... or an investor, come to that

Scandal-hit integrator Serco today issued its fourth profit warning of this fiscal and calendar year, confirmed a £1.5bn write-down and provision to cover to loss-making contracts and effectively exited private sector business process outsourcing. The financial markets reacted negatively, sending the company’s share price …
Paul Kunert, 10 Nov 2014

Serco welcomes former CSC boss to run gov unit

Gardening leave is almost over for former CSC UK bigwig Liz Benison, who is set to rock up at Serco to run its Brit and European local and regional government division from the start of next month. As revealed by The Channel back in April, Benison was replaced at the CSC helm by ex-Cognizant veep Dr Sanjiv Gossain, at the same …
Paul Kunert, 8 Aug 2014

Serco issues shares to plug finance gap after profit warning

Serco is looking to plug the gap in its finances from weaker-than-expected results via a share placement estimated to haul in £100m worth of filthy lucre. This follows yesterday's latest profit warning and confirmation that long-standing CFO Andrew Jenner is to quit after 17 years of counting beans, once a successor is found …
Paul Kunert, 1 May 2014

Outsourcing giant Capita gets share boost from confident outlook

The London stock market was pleased by Capita's 14 per cent rise in annual profits (before tax) today, sending shares up almost six per cent in the first half of the day. Not only had the British outsourcing group pulled in more profits for fiscal 2013, it also said it was feeling pretty chipper about this year, after winning …
Prison window

Euro chief of scandal-smacked Serco leaves as cop probe continues

It is a case of out with the old and in with the er...old after Jeremy Stafford, the European boss at outsourcing giant Serco, got on his bike, leaving current UK COO Andrew White as his replacement. These are tough times for Serco, which is the subject of a probe by the Ministry of Justice and subsequently the Met into fraud …
Paul Kunert, 22 Nov 2013
Houses of Parliament at night-time

NAO: £4bn of gov work doled out to just 4 outsourcing giants

In spite of the Cabinet Office's tough talk about binning hefty suppliers whose performance is crappy, four outsourcing giants caught up in contractual issues have amassed £4bn of government business. The fabulous four include Capita, Serco, G4S and Atos, which collectively banked £1.05bn in profits globally in 2012. Between …
Paul Kunert, 12 Nov 2013
Prison window

UK fraud squad bends over Serco, G4S for 'phantom crims' probe

The UK's Serious Fraud Office (SFO) has launched a criminal investigation into contractors Serco and G4S after an audit allegedly suggested the companies were massively overcharging for the electronic tagging of offenders. Sources in government told The Guardian that the two firms billed Blighty for monitoring at least 18,000 …
Iain Thomson, 5 Nov 2013

Serco CEO walks the plank as firm fights off Ministry of Justice probe

The CEO at scandal-hit outsourcing monster Serco has quit as the company lifts the covers off its 'corporate renewal programme' designed to persuade the UK government that it's fit to manage public sector contracts. Back in August, Serco confirmed British cops are probing allegations over fraud related to its Prisoner Escort …
Paul Kunert, 28 Oct 2013
The Register breaking news

'Unreliable, shambolic' ... a top CompSci prof slams Serco's UK crim tag tech

Updated The electronic tags used to keep tabs on criminals and suspects in the UK are "unreliable" - and the systems monitoring them are "shambolic". That's according to a dynamite report by Ross Anderson, a leading computer scientist. The University of Cambridge professor said he compiled his findings after he was called in as an …
John Leyden, 6 Sep 2013
Abbott and Costello dressed as policemen

UK gov dials 999 over Serco prison escort fraud claims

Outsourcing giant Serco is being probed by the cops over allegations of fraud relating to its Prisoner Escort and Custody Services (PECS) contract with the Ministry of Justice. Under the terms of the contract, Serco is supposed to ferry defendants from prison to court on time and is measured against this. The suspected fraud …
Paul Kunert, 29 Aug 2013

Capita bosses defend £30m migrant-poking IT deal with Border Agency

Outsourcing giant Capita's CEO has defended his company's £30m migrant-chasing contract with the UK Border Agency - and insisted it is not, as one MP delicately put it, "money for old rope". Paul Pindar, the London-headquartered plc's top boss, and two of his high-ranking lieutenants were told to justify the new four-year IT …
Anna Leach, 13 Feb 2013

Serco throws US in the clink for wrecking cash targets

Outsourcing behemoth Serco missed its targets for the first half of this year as "challenging" US conditions weighed down revenue. The IT company, which runs prison services in Britain and air traffic centres around the world, was still hoping in May to achieve six per cent growth in sales year-on-year for the first half of …
The Register breaking news

Serco ate our IT supplier: Now what? – London boroughs

IT services relationships at the London tri-borough group of Westminster, Hammersmith and Fulham and Kensington and Chelsea are likely to become more complex following the acquisition of Westminster's IT supplier Vertex by Serco. Serco said the acquisition last week, for £55m, brings it additional skills and capabilities to …
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Serco gulps more gov contracts with VDS gobble

Services and systems colossus Serco has taken charge of more government contracts by buying out Vertex Public Sector's data division: Vertex Data Science (VDS). Serco splashed £55.5m in cash on the division - bringing in 3,000 employees and scooping its meaty government contracts, including administering child maintenance …
Anna Leach, 11 Jun 2012
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NHS helpline 'won't be cost-effective' to taxpayers - Capita

Capita has expressed concerns over the tender process to provide a replacement service for NHS Direct – following a report that it had withdrawn from the bidding. Another private sector government service provider, Serco, has already confirmed that it took an internal decision not to bid in the multi-million pound replacement …

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