Update on performance

RNS Number : 7093F

Serco Group PLC

28 April 2014

 

Update on performance

28 April 2014

Serco Group plc (Serco), the international service company, is currently due to announce an Interim Management Statement (IMS) alongside its Annual General Meeting on 8 May 2014.  In preparation for this IMS, and the arrival of Rupert Soames as Group Chief Executive on 1 May 2014, Serco is reviewing its performance so far this year, which has been more challenging than expected.  It has now become evident in the light of recent performance that we may need to reassess the level of risk implicit in the assumptions underlying our forecasts.  This may in turn require a material downward revision to expectations, and for us to review the appropriateness of our financing position.  We will, therefore, be consulting with shareholders regarding the possibility of strengthening the balance sheet through an equity placing.

A further announcement will be made as soon as possible this week.

Ends

Enquiries please contact Serco:

Stuart Ford, Head of Investor Relations T [phone]

Marcus De Ville, Head of Media Relations T [phone]

About Serco

Serco is an international service company, which combines commercial know-how with a deep public service ethos.

Around the world, we improve essential services by managing people, processes, technology and assets more effectively.  We advise policy makers, design innovative solutions, integrate systems and - most of all - deliver to the public.

Serco supports governments, agencies and companies who seek a trusted partner with a solid track record of providing assured service excellence.  Our people offer operational, management and consulting expertise in the aviation, BPO, defence, education, environmental services, facilities management, health, home affairs, information and communications technology, knowledge services, local government, science and nuclear, transport, welfare to work and the commercial sectors.

More information can be found at www.serco.com

Forward looking statements

This announcement contains forward looking statements.  The terms "expect", "may", "should", "will" and similar expressions identify forward looking statements.  By their nature, these forward looking statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such statements.  Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Serco's markets; contracts awarded to Serco; customers' acceptance of Serco's products and services; operational problems; the actions of competitors, trading partners, creditors, rating agencies and others; the success or otherwise of partnering; changes in laws and governmental regulations; regulatory or legal actions, including the types of enforcement action pursued and the nature of remedies sought or imposed; exchange rate fluctuations; the development and use of new technology; changes in public expectations and other changes to business conditions; wars and acts of terrorism; and cyber-attacks.  These forward looking statements speak only as of the date of this announcement.  Except as required by any applicable law or regulation, Serco expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect any change in Serco's expectations or any change in events, conditions or circumstances on which any such statement is based.

 

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