11th Dec 2018 08:27
LONDON (Alliance News) - Public services provider Serco Group PLC said on Tuesday it has signed extensions to contracts with two UK county councils at a total additional value of GBP135 million, to continue providing front-line and back-office services.
The first contract extended was a ten-year partnership with Peterborough City Council, in place since November 2011 to provide services such as human resources, payroll and procurement.
The contract has been extended by ten years to 2031, and has a total value of GBP105 million to Serco.
The second contract was with Lincolnshire County Council, in place since 2015 for the delivery of customer, financial and IT services. The partnership has been extended for another two years to 2022, adding GBP30 million in contract value to Serco.
"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," said Serco Chief Executive Rupert Soames.
Shares in the FTSE 250-listed group were up 1.7% at 85.50 pence on Tuesday.
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