Serco Group plc (Serco), the international service company, is currently due to announce an Interim Management Statement (IMS) alongside its Annual General Meeting on 8 May 2014.
In preparation for this IMS, and the arrival of Rupert Soames as Group Chief Executive on 1 May 2014, Serco is reviewing its performance so far this year, which has been more challenging than expected. It has now become evident in the light of recent performance that we may need to reassess the level of risk implicit in the assumptions underlying our forecasts. This may in turn require a material downward revision to expectations, and for us to review the appropriateness of our financing position. We will, therefore, be consulting with shareholders regarding the possibility of strengthening the balance sheet through an equity placing.
A further announcement will be made as soon as possible this week.