Serco unveils £170M emergency cash plans as CFO exits

Outsourcing giant Serco on Wednesday unveiled plans to raise £170 million in emergency cash, alongside the announcement of the departure of its chief financial officer (CFO) Andrew Jenner.

Serco said in a statement that it would issue nearly 50 million new shares to raise the emergency cash. The new shares will represent slightly less than 10 per of the group's existing share capital.

Serco shares slip on profit warning

Scandal-tainted Serco shares suffered a deep plunge on Tuesday after the outsourcing giant issued a profit warning and announced plans for a rights issue.

Serco issues profits warning

Troubled outsourcing giant Serco on Monday issued a profits warning, stating that it could downgrade its profits forecasts as the business conditions remained more challenging than expected.

Serco Shares Register a 30% Jump

Shares in Serco, the FTSE 100 support services provider, registered a rise of more than 6 per cent as it posted more than expected annual results and a £28bn pipeline of work.

The support services group, which runs the Docklands Light Railway in East London, operates prisons and handles air traffic, revealed a 30 per cent jump in pre-tax profits.

Buoyed by the results, it believes that pressure on Government budgets will boost opportunities in new and existing markets at home and abroad worth about £28 billion.

Shares in Serco jump on better-than-expected annual result

Outsourcing firm Serco announced better-than-expected results for the full-year to December, sending shares up by 32 pence to 553½ pence-a-share.

UK-based Serco said it pocketed a pre-tax profit of 177.1 million pounds in 2009, up from 136.1 million pounds in the year ago period. Sales were reported at 3.97 billion pounds.

Wide-ranging services from Royal Navy tugs in Britain to prisons in Australia and air-traffic control towers in the United States are operated by Serco. It has already won future orders worth 17 billion pounds.