London pre-open: Outsourcers get cheque books out

31st May 2011 07:34

In a quiet resumption of corporate activities following the long week-end break, outsourcers Capita and Serco have done their bit to liven things up, with both companies announcing bolt-on acquisitions.Serco, the outsourcing company whose activities include running prisons and London's Docklands Light Railway, has announced the acquisition of India-based service provider Intelenet for up to £385m.Outsourcing specialist Capita has acquired specialist healthcare recruitment firm Team24 for £24m, with up to £2m more payable depending on the firm's performance in the year to 31 March, 2012. Team24 made a pro forma operating profit for its financial year to 31 March 2011 of £4.2m on turnover of £32.7m.Sweden-focused mineral exploration company Beowulf Mining endured a harsh winter of epic proportions but remains on course to complete its drilling programme by the end of the second quarter of 2011. In the first three months of 2011 it lost £0.13m before tax, compared to a loss of £0.01m in the first quarter of last year.City traders expect the FTSE 100 open will open around 43 points higher than Friday's close of 5,939.--jh