Serco wins contracts worth up to £500m

1st Sep 2009 07:54

Support services group Serco today announced it has won three UK government contracts worth between £400m and £500m to help unemployed workers find a job.The five-year contracts, which start in October, will support the government's Flexible New Deal initiative in the West Midlands, North Wales and Greater Manchester regions. The value of the contracts will depend on the number of job seekers returning to and remaining in work, Serco explained. "This is a significant new market for Serco, and we see further opportunities to apply our approach to additional contracts under the Flexible New Deal and to other areas of benefit provision, both in the UK and overseas," said Serco's chief executive Christopher Hyman in a statement. The contracts will be funded through a service fee and performance based payments, said Serco.