Serco awarded position on 4.1bn dollar US Army contract

7th Oct 2013 14:54

Outsourcing group Serco has reportedly been awarded a position on the United States Army Communication´s 4.1bn dollar multiple award IDIQ contract. That follows a report in The Sunday Times that the company is the subject of a probe into its biggest Government contracts in the United Kingdom, including a 1.5bn pound contract to manage the Atomic Weapons Establishment.About a quarter of Serco's annual revenue comes from work commissioned by the Government, with 45% of sales originating from wider public sector work. UK and Europe boss Jeremy Stafford is likely to leave the group, which is under pressure over alleged overcharging for tagging criminals in a Government contract.As of 15:05 shares of the firm were rising by 1,23% to the 6.50p mark. AB