Business
Business

Serco shares fall 17% after a second profit warning

Market Data - BBC News

Market Data

Share Prices

Markets

UK markets
UK markets % change Value
Change
+0.03%
7558.59
+2.21
-0.09%
20444.36
-17.90
Europe markets
Europe markets % change Value
Change
-0.62%
552.95
-3.43
-0.08%
5344.93
-4.09
-0.22%
12210.55
-26.62
-0.14%
3372.94
-4.62
-0.11%
9417.30
-10.10
US markets
US markets % change Value
Change
+0.43%
25669.32
+110.59
+0.13%
7816.33
+9.81
+0.33%
2850.13
+9.44
Asia markets
Asia markets % change Value
Change
+0.78%
38243.65
+295.77
+0.90%
27457.66
+244.25
-0.16%
22233.92
-36.46
As of 05:01 20 Aug 2018

Currencies

GBP
% change One £ buys
Change
GBP against Euro
+0.07%
€1.1153
+0.0010
GBP against Yen
+0.01%
¥140.9550
+0.0200
GBP against USD
-0.04%
$1.2745
-0.0010
USD
% change One $ buys
Change
USD against Euro
+0.13%
€0.8751
+0.0010
USD against GBP
+0.05%
£0.7846
0.0000
USD against Yen
+0.08%
¥110.5900
+0.0850
Euro
% change One € buys
Change
Euro against GBP
-0.08%
£0.8966
-0.0010
Euro against Yen
-0.06%
¥126.3850
-0.0700
Euro against USD
-0.10%
$1.1427
-0.0010
Yen
% change One ¥ buys
Change
Yen against Euro
+0.07%
€0.0080
0.0000
Yen against GBP
-0.01%
£0.0070
0.0000
Yen against USD
-0.08%
$0.0090
0.0000
As of 05:01 20 Aug 2018

Commodities

Oil
Commodity % change dollars per barrel
Change
Brent Crude Oil Futures
-0.33%
71.59
-0.24
WTI Crude Oil Futures
-0.35%
65.68
-0.23
Gold
Commodity % change dollars per ounce
Change
Gold (Forex Index am fix)
-0.25%
1176.70
-2.95
Gold (Forex Index pm fix)
-0.17%
1178.40
-2.00
Natural Gas
Commodity % change dollars per million BTU
Change
Natural Gas (Henry Hub Futures)
-0.78%
2.92
-0.02
As of 05:04 20 Aug 2018

Shares in outsourcing firm Serco closed down 17% after it said profits this year would be up to 20% lower than expected.

It said it was unlikely meet analysts'forecasts of about £277m.

The news came as the government cleared Serco to resume bidding for public sector work after the scandal over its criminal tagging contract.

But Serco said in a statement that it needed time to "rebuild" and overhaul the business.

Serco is co-operating with investigations by the Serious Fraud Office (SFO) after allegations that the company overcharged for tagging offenders, some of whom were found to be dead, back in prison or overseas. Serco's rival G4S was also implicated.

The revelations led to a freeze on bidding for lucrative UK government contracts, although Serco said on Thursday that it had now received a "positive assessment" of its corporate renewal plan from the Cabinet Office.

Acting chief executive Ed Casey said: "The significant steps we are taking demonstrate our commitment to rebuilding the confidence of our UK Government customer and ensuring that the issues that emerged last year will not reoccur."

Serco has already repaid £68.5m to the government for its discrepancies.

It said it would create an ethics committee in each company division to prevent such a situation happening again.

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