Mt Eden prison contract loss spurs Serco's Asia Pacific earnings drop

Fri, 26 Feb 2016

By Paul McBeth Feb. 26 (BusinessDesk) - Multinational outsourcing group Serco saw its Asia-Pacific regional earnings tumble by two-thirds last year as it scaled back a costly contract running Australia's immigration centres and lost the deal to manage Auckland's Mt Eden Correctional Facility remand prison. Underlying trading profit fell to 11.9 million British pounds in calendar 2015 from 35.5 million pounds a year earlier on a 23 percent drop in revenue to 544.7 million pounds, the Hampshire-based company said in a statement. The Asi...

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