Serco returns to profit after tough years

Private prison operator Serco runs the South Auckland corrections facility. (Image: NZME)

Thu, 18 May 2023

Private prison operator Serco turned a $2.1 million profit in 2022, a turnaround from running at a loss in previous years, on the back of increased revenue while cutting costs. The company ran a loss of $300,000 in 2021, an improvement on its negative $5.4m in 2020 and $3.8m the previous year.Serco New Zealand, ultimately owned by UK-based Serco Group, has a billion-dollar contract to run the Kohuora Auckland South Corrections Facility, also known as Wiri prison, under a 25-year deal. It also started a training services contract in 2020. &...

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