4th Oct 2013 07:07
LONDON (Alliance News) - Serco Group PLC Friday said it has sold its UK occupational health business in a transaction with the management team for GBP3.5 million, as it seeks to manage its portfolio.
The British government services company said the disposed business provides occupational health services to 450,000 client employees in the private and public sectors in the UK.
"Under Serco's continued ownership, future growth was expected to be restricted due to limited synergies with our core health business which includes operations in community healthcare, non-clinical support services and health Business Process Outsourcing services," it said.
Serco said for the year to 31 December, the business generated approximately GBP15 million of revenue and GBP1 million of adjusted operating profit.
Overall, the provisional value of net assets being disposed of is around GBP6 million, while after disposal-related costs, the exceptional accounting loss on disposal is expected to be approximately GBP4 million.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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