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Serco group CFO to step down
StockMarketWire.com
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Serco group chief financial officer Angus Cockburn is retiring after six years at the company.
He will step down from the board at the AGM in April 2021 and will be succeeded by Nigel Crossley, currently group director of finance, who will join the board on the same date.
Prior to joining Serco, Cockburn held senior finance roles at EMI, RHM plc and Procter & Gamble.
Serco expects revenues for the year to end December 2020 to rise by 19% to £3.9 billion, while underlying trading profit is expected to grow by around 35% to between £160 million to £165 million.
The company said it had also agreed to acquire Facilities First Australia (FFA) for an enterprise value of A$76.5 million (£43 million), to be satisfied from Serco's existing debt facilities.
Roy Gardner, chairman of Serco, said: 'Angus has played a leading role in the transformation of Serco from the dire straits in which it found itself in 2014, through to the point at which it now has one of the strongest balance sheets in the sector and is in excellent financial and operational health, with strong liquidity, fully funded pension schemes and robust finance controls and assurance.
'He is hugely respected both inside and outside Serco, and we are all immensely grateful for his contribution, not the least of which has been developing an ideal successor in Nigel Crossley who we look forward to welcoming onto the board in April.'
Story provided by StockMarketWire.com
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