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252.00 -3.40 (-1.33%)

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Market Cap: £2.49b

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Serco wins MoD recruitment contract worth up to GBP1.5 billion

Thu, 06th Feb 2025 22:04

(Alliance News) - Serco Group PLC on Thursday said it had won a new contract with the Ministry of Defence that could be worth as much as GBP1.5 billion.

Serco is a British multinational defence, health, space, justice, migration, customer services, and transport company based in Hampshire, England.

Serco said it has been selected by the UK Ministry of Defence to deliver a recruitment solution for the Royal Navy, the British Army, the Royal Air Force and Strategic Command. The contract will see recruitment for the military brought together for the first time.

The company said the contract has an estimated value of GBP1.0 billion over the initial seven-year term and up to GBP1.5 billion should the MoD exercise all three one-year extension options beyond the initial term. A 21-month mobilisation period is expected to begin in April with most of the costs charged to profit as they are incurred. The new service is scheduled to commence in early 2027.

Anthony Kirby, UK & Europe chief executive, said: "This contract reflects our broader ability to support members of the Armed Forces on their career journey, from recruiting the right personnel, to providing assessments, medicals, and onboarding, leading into their military training."

Shares in Serco closed up 1.0% at 158.70 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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