25% Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 25.17p (threshold, 25% vesting) to 27.96p (target, 50% vesting) to 30.76p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2023. Relative TSR 25% Total Shareholder Return (TSR) of median (threshold, 25% vesting) to upper quartile (maximum, 100% vesting) when ranked relative to companies in the FTSE250 (excluding investment trusts), measured over the three-year performance period ending 31 December 2023. Average ROIC 25% Pre-tax Return on Invested Capital (ROIC) of 16.5% (threshold, 25% vesting) to 18.3% (target, 50% vesting) to 20.2% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2023.
Serco Group plc ( Serco or the Group ) has agreed to acquire Whitney, Bradley & Brown Inc (WBB), a leading provider of advisory, engineering and technical services to the US Military, for $295m from an affiliate of H.I.G. Capital. The acquisition will increase the scale, breadth and capability of Serco s North American defence business and will give Serco a strong platform from which to address all major segments of the US defence services market. The acquisition will be immediately accretive to earnings and will be funded through existing debt facilities; it is expected to complete in the second quarter of 2021, subject to regulatory approvals.
Angus Cockburn By Scott Wright SCOTTISH business veteran Angus Cockburn has been named the new chairman of James Fisher and Sons, the listed marine services provider. Mr Cockburn will take up the post on May 1, when he succeeds Malcolm Paul. The news comes after it was announced in December that Mr Cockburn will be stepping down as chief financial officer at Serco, to focus on building a non-executive portfolio. He will be replaced at Serco by Nigel Crossley. Mr Cockburn, a former chief financial officer of Aggreko who joined the board of Scotch whisky giant Edrington in September, said: “I am delighted to take the Chair of James Fisher. I look forward to working with the Board at an important and challenging time for the Company and all its stakeholders.”
The British company names Nigel Crossley as its next Chief Financial Officer.
Serco refrains from declaring a dividend due to the ongoing COVID-19 crisis.
In an announcement on Thursday, Serco Group plc (LON: SRP) said that its underlying trading profit in fiscal 2020 was likely to come in roughly 35% up on a year over year basis. The company also named Nigel Crossley as its next CFO on Thursday.
Crossley will take the helm next year in April as the current CFO Angus Cockburn steps down. At the moment, Crossley is serving as the Director of Finance at Serco Group. In separate news from the United Kingdom, Integrafin Holdings said its financial performance in fiscal 2020 was sufficiently strong considering the circumstances.