But where to, as we ask again about the corrupt landfill royalty development at our Beacon Park Golf Course?
From The Times
“It’s a surprise that Serco is a FTSE 250 company, if market value were measured by press coverage and controversy it would surely be a FTSE 100 contender.
“That is perhaps inevitable for an outsourcing company that does “on government’s behalf, some of the hard things that citizens expect their governments to do, like deport some people and hold others in prison”, as Rupert Soames, chief executive, said this year.
“Serco is not just high profile, it is also a very large company. It made revenues of £3.88 billion in 2020 and employs more than 50,000 people in the UK, Europe, North America, Asia Pacific and the Middle East. In addition to prisons and deportations, the company carries out government contracts from maintaining aircraft for the RAF and running air traffic control at Dubai Airport to collecting bins and issuing parking tickets.
“Serco was a member of the FTSE 100 until 2013, when its share price tumbled amid fraud allegations (proven). A series of profit warnings sent them lower again, and Soames took over in 2014 to turn the company around. This has been a lengthy task, last week shareholders received their first dividend payout, of 1.4p a share, since 2014.
“The shares have never come close to their peak of more than 500p in 2013; the highest they have climbed in the past five years was 167¾p in January 2020. They have yet to regain that pre-pandemic level, and closed down 2½p, or 1.8 per cent, at 134½p last night.
“Going by the share price alone then, the company’s progress looks limited. However, its performance paints a much more optimistic picture. In February, the company reiterated its modest ambition of being “a more normal company”, with profit margins of about 5 per cent and revenue growth of 5 per cent, by “quietly and diligently serving governments, avoiding risks and losses, and repeating to ourselves the mantra that no deal is better than a bad deal”.
Interesting that Soames took over in 2014, right in the middle of Serco’s illegal excesses of the Beacon Park Golf Course (BPGC) landfill for royalties deliveries, 2013 to 2015. Whatever he’s done for the Serco share price he’s done very little to complete what was contracted for the BPGC, restore the beautiful course to its former glory.