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Serco sells transport maintenance division 

27 November 2013


Serco Group has completed the sale of its London streets maintenance and UK transport technology business to Cubic Corporation for £43.5 million.


The disposed business provides maintenance for transport infrastructure such as traffic signals and CCTV systems in London as well as the design, installation and maintenance of UK transportation management technology.

 
For the year to 31 December 2012, the division recorded revenues of £42 million and £8 million in adjusted operating profit. 

Ed Casey, acting group chief executive of Serco Group, said: “In the UK, these particular maintenance and technology operations had become non-core to the future development of our transportation strategy. 

“We remain committed to serving and developing our core transportation operations in the UK and around the world in areas such as light and heavy rail, ferry services and cycle hire. 

“In the Americas and AMEAA regions we will also continue to develop opportunities in transportation management and operations, building upon our 2013 contract awards with the Virginia Department of Transport and our further expansion of services in Hong Kong.”