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| Troubled Serco makes loss of £7.3m | Troubled Serco makes loss of £7.3m |
| (35 minutes later) | |
| Outsourcing firm Serco reports a loss after "poor trading" in the first half of the year. | Outsourcing firm Serco reports a loss after "poor trading" in the first half of the year. |
| Reorganising costs and loss-making contracts led to a reported pre-tax loss of £7.3m, a fall of 107% from last year. | |
| Serco was hit last year by a six-month ban on UK government contracts after a scandal over criminal tagging. | |
| In May it announced plans to raise £170m from selling new shares after issuing two profit warnings. | |
| "As expected, trading was poor in the first half," said Serco chief executive Rupert Soames. "Many challenges remain, and we have a lot of work to do, but I am confident that, in time, we can restore the company's fortunes." | |
| Mr Soames, who was formerly chief executive of engineering firm Aggreko, took over as Serco boss in May. | |
| Angus Cockburn, currently interim chief executive of Aggreko, has been appointed chief financial officer, the firm said. | |
| Serco's reported loss of £7.3m came after a one-off charge of £29.4m related to restructuring costs. | |
| In July the firm began a "detailed analysis" of its contracts as part of a review of its strategy, and said on Tuesday that the review could affect its profit expectations for the year. | |
| Serco shares jumped over 6.5% in early trading on Tuesday. |