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Serco

Serco Group plc
FormerlyDealmove PLC (1986–1987)[1]
Company typePublic limited company
IndustryGovernment Services
Founded10 September 1929 (1929-09-10) (as RCA Services Ltd.)
HeadquartersHook, Hart, England, UK
Area served
Worldwide
Key people
RevenueIncrease £4,873.8 million (2023)[2]
Increase £248.7 million (2023)[2]
Increase £202.4 million (2023)[2]
Number of employees
50,000 (2023)[3]
Subsidiaries
List
Websiteserco.com

Serco Group plc is a British multinational defence, health, space, justice, migration, customer services, and transport company.[4] It is headquartered in Hook, Hart, England.[4] The company operates in Continental Europe, the Middle East, the Asia Pacific region, including Australia and Hong Kong, and North America. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

The company was founded as RCA Services Limited in 1929, a UK-based division of the Radio Corporation of America. The company began providing services to the British War Office and government departments during the Second World War. During the Cold War era, it specialised in the provision of sophisticated defense services, such as sonar, early warning radar and satellite systems. The company was substantially restructured during the 1980s, reorientated itself towards broader service provision outside of engineering. Following a management buyout, the firm adopted the name Serco ('Services Company') in 1987 and was listed on the London Stock Exchange one year later. During the 1990s, Serco opted to expand its presence globally, seeking out contracts to run a diverse range of services in behalf of various governments.

By 2013, Serco had become one of the largest government contractors,[5] employing approximately 50,000 people worldwide and managing over 500 contracts.[4] By 2022, approximately 55% of the company's revenue was being generated from overseas; with revenue in Defence (32%), justice & immigration (25%), citizen services (21%), health and facilities management (13%), and transport (9%).[6][7]

Serco has encountered controversy on multiple occasions. During 2013, Alastair Lyons, the then-chairman of Serco, resigned from the company after it was found that it had maintained inaccurate records and overcharged the UK Government for electronically monitoring criminals.[8] During July 2015, Serco's contract to operate the Mount Eden remand prison in Auckland, New Zealand was revoked due to reported inaction over organised fighting amongst inmates.[9] The 2017 Paradise Papers revealed that a risk assessment conducted by the legal services firm Appleby observed Serco to have had a "history of problems, failures, fatal errors and overcharging" accompanied by allegations of fraud and cover-ups.[10] Serco underwent a corporate renewal program following the events of 2013, created in collaboration with the United Kingdom government, which overhauled the management of contracts and commercial auditing.[11]

  1. ^ "SERCO GROUP PLC overview - Find and update company information - GOV.UK". Companies House. 21 August 1986. Retrieved 16 January 2024.
  2. ^ a b c "Preliminary Results 2023" (PDF). Serco. Retrieved 29 February 2024.
  3. ^ "Serco: About us". Serco Group plc. Retrieved 17 February 2023.
  4. ^ a b c "About Serco". Serco Group.
  5. ^ "Serco: the company that is running Britain". The Guardian. 29 July 2013. Retrieved 17 January 2023.
  6. ^ "Stock Exchange Announcement" (PDF). Serco. 4 August 2022. Retrieved 4 August 2022.
  7. ^ "Annual Report and Accounts 2022" (PDF). Serco. Retrieved 17 January 2023.
  8. ^ Cite error: The named reference opendemo 2013 was invoked but never defined (see the help page).
  9. ^ Cite error: The named reference fightclub admit was invoked but never defined (see the help page).
  10. ^ Cite error: The named reference paradise 2017 was invoked but never defined (see the help page).
  11. ^ Buckland, Robert. "SFO Investigation of Serco and G4S Government contracts" (PDF). Parliament UK.

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