Serco reports £7.3 million losses in first half

August 12, 2014 9:07 am

The BBC has reported that Serco has posted pre-tax loses of £7.3 million, a drop of 107% to last year. The company was banned for 6 months from bidding for UK Government contracts after it emerged it was overcharging for its offender tagging contract. Poor trading after the company’s May announcement of plans to raise £170 million from selling new shares after two profit warnings and a £29.4 million restructuring, have led to the company facing significant challenges, according to its Chief Executive Rupert Soames.

Serco said that in the beginning of 2014 it had 40 projects in the pipeline, with eight bids lost and two won, as the company is working to improve its win rate and to add new projects in the pipeline, going through a strategy review in the process.

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