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Concept
Serco
Summary
Serco Group plc is a British multinational defence, justice & immigration, transport, health, and citizen services company. It is headquartered in Hook, Hart, England. The company operates in Continental Europe, the Middle East, the Asia Pacific region, including Australia and Hong Kong, and North America. Serco employs approximately 50,000 people worldwide and manages over 500 contracts.
Serco is one of the largest companies in the sector of delivering public services under government contracts. Approximately 55% of the company's revenue is generated from overseas; with revenue in Defence (32%), justice & immigration (25%), citizen services (21%), health and facilities management (13%), and transport (9%).
It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Serco was founded in 1929 as RCA Services Limited, a United Kingdom division of the Radio Corporation of America and initially provided services to the cinema industry.
RCA Services Limited began providing services to governments after the Second World War. After the onset of the war, RCA Services was contracted by the British War Office due to the company's engineering and technical background to supply the department with equipment which would simulate the sound of warfare to confuse the enemy. In 1952, RCA Services was contracted to produce submarine-detecting sonar equipment for the US Navy. In 1960 RCA Services were awarded the contract to design, install, and maintain the UK Ministry of Defence (MoD) Ballistic Missile Early Warning System, including ongoing facility management such as cleaning, transport, and logistical stores.
Following the takeover of RCA by General Electric in late 1985, RCA Services Limited was bought out by its local management. It changed its name to Serco in 1987 and has been a London Stock Exchange listed company since 1988.
In December 2008, Serco acquired SI International.
In November 2014 its share price, which stood at 674p before the taxpayer scandal broke in 2013 collapsed to 218.
Official source
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