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Prices & Quotes - UK Markets - Serco Group (SRP)

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Share Price:
Up 143.20p
Change Today:
1.30p
Market Cap:
1,744.19m
Sector:
Support Services

Serco secures Restart contracts with DWP

By Iain Gilbert

Date: Tuesday 27 Apr 2021

LONDON (ShareCast) - (Sharecast News) - Public services provider Serco has been awarded two contracts by the UK Department for Work and Pensions to help people find jobs in the West Central region and Wales as part of Downing Street's Restart programme.
Serco said on Tuesday that it estimates the combined value over the initial four-and-a-half-year contract period would be around 350.0m, with the amount dependent on the number of people who find employment.

It also noted the contracts had options to extend for a further two years.

The FTSE 250-listed firm stated that the majority of the income from the Restart contract, which will aim to help people who've been unemployed for 12-18 months get back into work, will be outcome-related - meaning it will only be earned when job seekers have been employed for six months, working an average of 16 hours a week and earning at least the National Living Wage.

As a result, Serco highlighted the contract would actually be loss-making in 2021, with losses expected to be in the range of 5.0m-10.0m, with the contract projected to be profitable thereafter.

Chief executive Rupert Soames said: "We are delighted to have been selected after a rigorous procurement process by the DWP to deliver a significant part of the Restart programme, which is an important component of the Government's strategy to 'Build Back Better'.

"Serco has extensive experience and a proven track record in employment services, and in managing teams of expert partners, including small companies and charities, who will work with us to achieve positive outcomes both for individual job-seekers and the UK economy more generally."

As of 0845 BST, Serco shares were up 2.97% at 145.60p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Serco Group Market Data

Currency UK Pounds
Price 143.20p
Change Today 1.30p
52 Week High 169.40p
52 Week Low 106.60p
Volume 914,691
Shares Issued 1,218.01m
Market Cap 1,744.19m

Performance Indicators

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What The Brokers Say

Strong Buy 11
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 11
strong_buy
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Serco Group Dividends

  Latest Previous
  Final Interim
Ex-Div 13-May-21 n/a
Paid 04-Jun-21 n/a
Amount 1.40p 0.000p

Trades for 23-Jul-2021

Time Volume / Share Price
16:35 361,224 @ 143.20p
16:29 367 @ 142.90p
16:29 2,079 @ 143.07p
16:29 450 @ 143.10p
16:29 197 @ 143.20p

Serco Group Key Personnel