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Serco inks £135mln in contract extensions with Peterborough and Lincolnshire councils

The new extensions, worth £105mln and £30mln respectively, involve the provision of customer services, IT, and payroll functions

Serco and Lincolnshire council logos
The contract with Lincolnshire council will now run until at least 2022

Serco Group PLC (LON:SRP) has inked around £135mln in contract extensions with Peterborough City Council and Lincolnshire County Council to continue providing frontline and back-office services.

The FTSE 250 outsourcing firm said it had been supporting Peterborough council since 2011 as part of a 10-year partnership providing services including customer services, business support services, shared transactional services, transactional HR and payroll, procurement and business transformation.

READ: Serco upgraded to ‘Sector Perform’ by RBC as it now sees 2019 forecasts as “achievable”

The ten-year extension is until 2021 and carries a value of around £105mln.

The firm added that it had signed a two-year extension with Lincolnshire local authority worth a total of £30mln. The contract included the provision of customer services, financial services, IT services and transactional HR and payroll.

With the extension, these services will continue until at least 2022.

Rupert Soames, chief executive of Serco, said the firm had met its key performance indicators across both contracts and had “worked extremely hard to deliver improvements in these services”.

In early trading Tuesday, Serco shares were up 1.6% at 85.5p.

Quick facts: Serco Group

Price: 167.1 GBX

LSE:SRP
Market: LSE
Market Cap: £2.06 billion
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