Serco Group plc
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Serco is an international outsourcing company that specialises in providing public sector services, headquartered in Hampshire. Its business segments are:
- UK Central Govt: defense, justice & immigration and transport services delivered to the UK govt and devolved authorities;
- UK & Europe Local & Regional Govt: health and citizen services delivered to the UK & European public sector customers;
- Americas: defense, transport and citizen services delivered to the US Federal and civilian agencies, selected state and municipal govts and the Canadian gov;
- Asia Pacific: defense, justice & immigration, transport, health and citizen services in the Asia Pacific region, including Australia, New Zealand and Hong Kong;
- Middle East: defense, transport and health in the Middle East region.
Total float: 98.6%
- 8.34% BlackRock Investment Management (UK) Ltd
- 5.95% FIL Investment Advisors (UK) Ltd
- 5.00% RWC Asset Management LLP
- 4.77% Marathon Asset Management LLP
- 4.57% Majedie Asset Management Ltd
- 4.52% UBS Asset Management (UK) Ltd
- 4.46% MSD Partners Europe LLP
- 4.46% Orbis Investment Management Ltd
- 3.48% Vanguard Group Inc
- 2.86% Jupiter Asset Management Ltd
- Aug.06.2020: 'Big fat zero' profit boost to Serco from COVID-19 contracts. Chief executive Rupert Soames, brother of Conservative MP Nicholas Soames, defended its work in the battle against COVID-19. Serco reported a 53% rise in half-year trading profits to £77.8m, due to its Covid-19 contracts. Ian King, Sky News.
- Aug.02.2018: Alarm among Glasgow's asylum seekers as Serco confirms eviction plan. Glasgow city council calls on Home Office to allay fears of widespread evictions after private housing provider Serco prepares action against ‘over-stayers’. Serco said it would evict people who have been told they cannot stay in Britain, and earlier this week started serving serving individuals with notice to vacate their accommodation within seven days or face removal and their locks being replaced. Libby Brooks, The Guardian.
- Feb.23.2018: Public contracts should be an open book, urges Serco chief Rupert Soames. Rupert Soames, chief executive of Serco, said that the govt needed to commit to transparency and co-operation if private sector companies were to continue delivering services in cleaning, catering and maintaining public buildings. He said a reduction in the profits that outsourcing companies have been able to make since the coalition govt began its austerity programme was responsible for the rash of profit warnings at Capita, Mitie, Interserve and G4S and the share price crashes which also caught up Babcock. Mr Soames said companies "are being asked to take on risks which are completely unmanageable". Mr Soames said contracts that do not have national security or intellectual property issues need to be moved to "open-book accounting", in which the operational performance of contracts are made public every six months. Contractors and the govt should also sign up to agreed break fees should either party wish to terminate an arrangement, thereby creating an orderly exit. These should be bound by a new "fair deal" with a mutually agreed code of conduct. Robert Lea, The Times.
- Feb.02.2018: Britain's Private Army Takes a Fearsome Kicking. The pioneering model of outsourcing public services is under severe strain, as these charts show. Getting private companies to run public services was a big Margaret Thatcher idea back in the 1980s, a mission embraced by her eventual successor Tony Blair. It led to the rise of British outsourcing titans such as Capita plc, Serco Group plc and G4S plc, which manage facilities ranging from prisons and Royal Air Force bases to leisure centers and car parks. ... but the picture of their profit margins is largely similar, as this chart shows. Serco boss Rupert Soames -- Winston Churchill's grandson, no less -- had perhaps an even bigger task saving that company from crisis in 2014... Elaine He, James Boxell, Bloomberg.
- Aug.27.2014: Services provider established by outsourcing giant Serco overcharged NHS by millions. Britain’s biggest pathology services provider, Viapath (GSTS), overcharged £283,561 over a sample 3 month period. The full scale of the over-charging is not known because a full audit has not been conducted. Richard Whittell, Emily Dugan, '. See also Corporate Watch article.
- Dec.12.2013: G4S and Serco hand over offender tagging contracts over fraud claims. Companies transfer monitoring operations to rival Capita as Serious Fraud Office investigates allegations of overcharging. Security companies G4S and Serco are to hand over their contracts to electronically tag criminals following fraud allegations over the way they charged the govt. The Serious Fraud Office has started a full-scale criminal investigation into both companies over their Ministry of Justice (MoJ) contracts. Across government there is now in effect a moratorium on Serco or G4S getting any new work. James Meikle, The Guardian.
- Serco becomes single bidder for NHS support services. Serco Group plc announced today that it has been chosen as the remaining single bidder to operate the Anglia Support Partnership. Cambridgeshire and Peterborough NHS Foundation Trust, together with a further 5 partnering NHS organisations, currently operate ASP. There are around 65 contracts for the provision of support services to the Trust and partners, as well as to around 50 other public and private organisations. The annual turnover achieved by ASP in 2010 under the contracts was approximately £34m. Serco.com. Original archived on Dec.21.2011.