Serco Group plc (GB:SRP) has released an update.
Serco Group PLC faced a setback as it failed to secure a renewal of its Australian immigration detention services contract, expected to end in December 2024. The contract’s loss will lead to a one-off cost of £20m, but Serco plans a strategic change programme to adjust its operations and continue thriving in the Asia Pacific market. Additionally, UK tax changes are set to increase Serco’s labor costs by £20m annually from 2025.
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