Serco

Ticker SRP

Today's data summary

Market closed
% change
+2.43%
Price Pence
152.00
Change
+3.60
As of 00:15 21 Sep 2019
Market cap. Pound sterling
1,859.54 million
As of 00:15 21 Sep 2019

Latest updates

Serco to run Orkney and Shetland ferries

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Serco NorthLink has been named as the preferred bidder to continue Northern Isles ferry services.

Making the £345m contract announcement, Islands Minister Paul Wheelhouse said islanders will get a 20% discount on cabin fares on Aberdeen-Kirkwall-Lerwick routes from January.

There will also be a three-year fares freeze for passengers, non-commercial vehicles and cabins on those routes.

In 2012, ministers awarded a six-year contract to Serco.

Serco contract extension

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Serco says it has received notification of an initial two-year extension to its contract with the Australian Government's Department of Home Affairs to run onshore immigration detention facilities and detainee services.

The contract was scheduled to expire on 10 December 2019. Accordingly, the amended end date of the contract will now be 10 December 2021. The contract allows for a second extension of up to two years from this new end date.

Under the terms of the contract, Serco provides services to the onshore immigration detention network in Australian states and territories, including Christmas Island. These include accommodation, transport and escort, access control, induction, welfare, education, programs and activities, catering, incident management, and property and facilities management. Serco has been providing immigration services to the Australian Government since October 2009.

Deloitte 'regrets' over Serco audit

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Deloitte has issued a statement following that fine, which relates to a division of Serco - Serco Geografix

"We recognise and regret that our audit work on Serco Geografix Limited in 2011 and 2012 was below the professional standards expected of us. We have a programme of continuous improvement for our audit quality processes, which have evolved significantly since these audits were performed. We have also specifically agreed with the FRC certain actions focused on learning lessons from the shortcomings in this audit work.”

The FRC says Deloitte has arranged for its audit staff to undergo a training programme aimed at improving behaviour.

Deloitte also 'severely reprimanded'

Serco was yesterday fined £19.2m for fraud and false accounting over its electronic tagging service for the Ministry of Justice (MoJ).

Today the accountancy body the Financial Reporting Council says it has imposed sanctions against Deloitte for the audits of the division in the year ended 31 December 2011 and 2012, and against its audit engagement partner, Helen George, for the year ended 31 December 2011, following their admissions of Misconduct.

The FRC says that as well as a £6.5m fine - discounted to £4.2m for settlement - Deloitte has been "severely reprimanded" and will also pay £300,000 towards the costs of the investigation.

Ms George has been fined £150,000 (discounted for settlement to £97,500) and been "severely reprimanded", the FRC said.

Deloitte fined £6.5m over Serco tags

BBC Radio 4 Today business presenter tweets