|Bid||96.65 x 1189900|
|Ask||96.90 x 165000|
|Day's Range||96.65 - 97.90|
|52 Week Range||82.25 - 120.90|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 2, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||101.25|
The collapse of Carillion exposed the risks of using private companies to cut the cost of delivering public services and its failure could be repeated if the government does not learn lessons, lawmakers said on Monday. Carillion, which employed 43,000 people to provide services in defence, education, health and transport, collapsed in January, becoming the largest construction bankruptcy in British history. A report published by a parliamentary committee on Monday said the government's overriding priority for outsourcing had been spending as little money as possible while forcing contractors to take unacceptable levels of financial risks.
Outsourcing group Serco expects to report a drop in revenues for the first half of this year, and said taking on contracts from collapsed rival Carillion would hit profits. According to Serco, this reduction is due in part to the impact of foreign exchange rates, which accounted for £60m of the lost revenue. The firm said it has been working closely with Carillion’s liquidators to agree acquisition terms for various health contracts after the collapse of the contractor earlier this year.
British outsourcer Serco (SRP.L) lowered its revenue forecast on Friday and gave a cautious market outlook, sending shares in the British outsourcing company down more than 7 percent. Chief Executive Rupert Soames said market conditions "are less than ideal, particularly in the UK" but noted the company was making progress with its strategy. Serco provides services to the defence, justice, transport and health sectors in Britain and abroad.
Cabinet minister David Lidington said on Monday he was seeking to make it easier for smaller companies, charities and social enterprises to take on large government contracts, and would demand more of public service providers, both in terms of transparency and in social awareness. Carillion collapsed in January when its banks halted its funding, triggering a row over Britain’s outsourcing of public services to private companies.
The government, which awards 200 billion pounds of public contracts to private companies every year, plans to force those doing critical work for government departments to provide a "living will" agreement that would pass their work to another supplier in an emergency. Cabinet Office Minister David Lidington said earlier on Monday he was also seeking to make it easier for smaller companies, charities and social enterprises to take on large government contracts, and would demand more transparency and social awareness from public service providers. Carillion collapsed in January when its banks halted their funding, leading to the loss of thousands of jobs and a political row over Britain's outsourcing of public services to private companies.
EDINBURGH, Scotland (Reuters) - Britain is preparing to toughen up contract terms for private companies operating in the public sector over the next 12 to 18 months after the collapse of outsourcing group ...
Capita, which raised 701 million pounds ($922 million) from investors in May after a series of profit warnings, said the sale of Supplier Assessment Services would help strengthen the company. "This transaction marks a further step in executing the strategy announced in April aimed at simplifying and strengthening the business to deliver future success," Chief Executive Jonathan Lewis said. Analysts also welcomed the contract win, the first major deal awarded by the government since the collapse of Carillion, a construction and outsourcing partner to the government which went out of business in January, rocking the sector.
British outsourcer Capita (CPI.L) has been awarded a British Ministry of Defence contract to provide defence workers and firefighters, the Unite union said on Monday. Unite said Capita had beaten rival Serco (SRP.L) although Capita was yet to officially confirm the deal and no one from the company was available for comment. Capita which provides IT-led services for the public and private sector, is trying to pay down debt, boost investment after a period in which it took on more work than it could profitably handle.
French company Teleperformance SE agreed to buy the Mumbai-based provider of business process outsourcing and contact center services.
International companies to host live webcasts at Deutsche Bank's Depositary Receipts Virtual Investor Conference on March 21st and 22nd, 2018
NEW YORK , March 16, 2018 /PRNewswire/ -- Deutsche Bank today announced the lineup for its Depositary Receipts Virtual Investor Conference ("dbVIC") on March 21 st and 22 nd , featuring live ...
Britain's Serco (SRP.L) has called for more transparency from the government over the award of public contracts to protect companies after rival Carillion went bust, saying the market should not be a "Wild West". Carillion, which took on large infrastructure projects as well as service contracts, collapsed in January largely because of problems with its public building works. Critics accuse the government of encouraging a risk-taking culture in which companies bid aggressively for contracts with thin margins, leaving little leeway when projects hit predictable delays.
Britain's Serco (SRP.L) said it expected to emerge as one of the winners from the turmoil hitting the outsourcing sector after it reported 2017 results in line with its expectations and predicted profit growth for the next two years. Serco, which provides justice, transport, defence and welfare services for governments across the world, is in the latter stages of a five-year restructuring, started after it ran into the kind of problems which led to the demise of rival Carillion (CLLN.L) in January. Serco shares rose 5 percent in a falling market after Chief Executive Rupert Soames said the actions it has taken made it more robust than rivals who are also grappling with a downturn in demand, such as Capita (CPI.L) and Interserve (IRV.L).