Serco Group Plc (SRP.L) said it has completed the transaction with AMEC plc for the disposal of Serco's Technical Services or TS business for 137 million pounds cash. The disposal would have a small dilutive impact on adjusted earnings.
Serco's TS business, with around 600 employees, provides consulting and project solutions mainly to the UK civil and nuclear defence markets, and has a diverse customer base covering the majority of UK nuclear sites.
The provisional value of net assets being sold off is nearly 75 million pounds, including 64 million pounds goodwill. The provisional accounting profit on disposal, after disposal-related costs of some 3 million pounds, is therefore projected to be about 60 million pounds.
The company added that the transaction is in line with its stated strategy to proactively manage its portfolio of contracts, assessing operations for strategic fit together with their expected future levels of performance and returns.
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by RTT Staff Writer
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