Serco Group PLC Serco SEA - signs contract extensions worth £135m (0794K)
December 11 2018 - 2:01AM
UK Regulatory
TIDMSRP
RNS Number : 0794K
Serco Group PLC
11 December 2018
Serco signs GBP135m of contract extensions to continue providing
frontline and back office services to two UK Local Authorities
11 December 2018
Serco Group plc
LEI: 549300PT2CIHYN5GWJ21
Serco Group plc ('Serco' or 'the Group'), the international
service company, has signed contract extensions with both
Peterborough City Council and Lincolnshire County Council to
continue providing a range of frontline and back office services to
these councils. The contract extensions have a combined total value
to Serco of approximately GBP135m.
Serco has supported Peterborough City Council as part of a
ten-year partnership which started in November 2011, providing
services including Customer Services, Business Support Services,
Shared Transactional Services (including Revenues and Benefits),
Transactional HR and Payroll, Procurement and Business
Transformation. The ten-year contract extension has a total value
to Serco of approximately GBP105m and will see Serco continue to
provide these services until 2031.
Under the existing agreement Serco has delivered GBP10m of
savings to the Council, consistently achieved all our key
performance indicators and delivered improvements including faster
processing of housing benefit claims and improved collection of
council tax and business rates. The Serco customer services team
has also received a Customer Service Excellence accreditation - a
national Government Standard.
Serco has also signed a two-year contract extension with
Lincolnshire County Council with a total contract value of GBP30m.
This contract extension will see Serco continue to provide services
including Customer Services, Financial Services, IT Services and
Transactional HR and Payroll. Serco has been delivering these
services since 2015 and this contract extension will see these
continue until at least 2022.
Commenting on the contract extensions, Rupert Soames, Serco
Group Chief Executive, said: "We are delighted to have agreed these
contract extensions to continue providing support to Peterborough
City Council and Lincolnshire County Council until 2031 and 2022
respectively. We have worked extremely hard to deliver improvements
in these services and to meet our key performance indicators and
look forward to continuing to deliver these important services for
the benefit of the Councils and residents."
Ends
For further information please contact Serco:
Stuart Ford, Head of Investor Relations T +44 (0) 7738 894
788
Marcus De Ville, Head of Media Relations T +44 (0) 7738 898
550
About Serco
Serco is a leading provider of public services. Our customers
are governments or others operating in the public sector. We gain
scale, expertise and diversification by operating internationally
across five sectors and four geographies: Defence, Justice &
Immigration, Transport, Health and Citizen Services, delivered in
UK & Europe, North America, Asia Pacific and the Middle
East.
More information can be found at www.serco.com
Forward looking statements
This announcement contains statements which are, or may be
deemed to be, "forward looking statements" which are prospective in
nature. All statements other than statements of historical fact are
forward looking statements. Generally, words such as "expect",
"anticipate", "may", "should", "will", "aspire", "aim", "plan",
"target", "goal", "ambition" and similar expressions identify
forward looking statements. By their nature, these forward looking
statements are subject to a number of known and unknown risks,
uncertainties and contingencies, 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 or implied 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; the receipt of relevant third party and/or
regulatory approvals; 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. Many of these factors are beyond Serco's control or
influence. These forward looking statements speak only as of the
date of this announcement and have not been audited or otherwise
independently verified. Past performance should not be taken as an
indication or guarantee of future results and no representation or
warranty, express or implied, is made regarding future performance.
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 after the date of this
announcement, or to keep current any other information contained in
this announcement. Accordingly, undue reliance should not be placed
on the forward looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CNTLIFFRFSLLLIT
(END) Dow Jones Newswires
December 11, 2018 02:01 ET (07:01 GMT)
Serco (LSE:SRP)
Historical Stock Chart
From May 2024 to Jun 2024
Serco (LSE:SRP)
Historical Stock Chart
From Jun 2023 to Jun 2024