Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC
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This report analyzes the financial stability of Serco PLC, Capita PLC, and Carillion PLC through ratio analysis. It examines their liquidity, profitability, working capital, and debt management ratios. The report also discusses the importance of evidence-based decision making and appreciation of counterparty risk in procurement functions.
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Running head:Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Name of the Student: Name of the University: Author’s Note: Course ID:
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1 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Executive Summary: This project is done to understand the concerns related to financial stability of all the 3 companies like Serco PLC, Capita PLC and Carillion PLC these are one of the biggest company and the accountability of these companies impact the process in UK. The effect of the insolvency filing of the Carillion PLC was a major disaster for the 40000 employees and suppliers. They were affected by the liquidation. It is considered as the biggest financial disaster in the history of UK. The amount of loss that this company impacted on all the stakeholders was around 2 billion dollar. Thus an analysis of the debt and equity that the company was having in the course of the action is analysis through this project. The other two company is Serco Plc and Capita Plc that are used to analysis the financial soundness for the a contract form NHS. The financial soundness shall be calculated by the ratio analysis. The ratio analysis looks into factors that may make the decision making process for the company easy.
2 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Table of Contents Introduction................................................................................................................................3 Discussion..................................................................................................................................4 Section A....................................................................................................................................4 Evidence based decision to ensure value for money:.............................................................4 Appreciation of counterparty risk in the procurement function:............................................5 Ratio analysis of Capita Plc:..................................................................................................6 Ratio analysis of Serco Plc...................................................................................................10 Decision to award the Contract............................................................................................13 Section B..................................................................................................................................13 About Carillion PLC:...........................................................................................................13 Funding Sources for the Carillion:.......................................................................................14 Financial Risk:.....................................................................................................................14 Ratio analysis of Carillion....................................................................................................16 Conclusion:..............................................................................................................................20 Referencing:.............................................................................................................................22
3 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Introduction The report is about the analysis of the ratios to understand the financial stability of the company. The contract of NHS is to be awarded to the company with the best ratio performance. There are two company betting for the contract Serco Plc and Capita Plc. The contract will be given to the company that can manage the contract with least disturbance of the finance. The report also consists of the analysis of a giant company whose loss created a huge impact on the whole country and specially the stakeholder. Carillion has recently filled for liquidation (Altman 2000). The company is a construction and service based organization that is specialized into field of Health, Transport, Justice, Immigration, Defense, and Citizens Services.The company was not able to manage the cash inflow and outflow which led to state of liquidation. The debt was almost around 2 billion which was the highest amount of debt any company must have had in the history of UK. The report focuses on how the situation led to liquefy the company and filled for insolvency (AhmedEt al.2016) The report has been prepared to understand the lacks in the financial assessment and the loss that the management done to the company due mis-management. The two company capita and Serco is trying to get a contract that of NHS. So here the financial stability will be analyzed.
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4 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Discussion Section A Evidence based decision to ensure value for money: Value for money is a term that describes how nicely the return in investment is done. The goods bought are for some value and the return that they might get will be equal or less or more. Same goes for any governmental projects. The contract is an opportunity for private and public companies to bid for this may give them a chance to expand and earn profit. It involves major decision making for the public procurement of the contract. The research is all about the formulation of the questions based on the project decision making. The forecasted cost, return over the period of year and the duration to complete the project is also an important factor for the estimation of the task. The evidence based decision makings nothing but the procedure of back checking the performance and credibility of the company. The ratio analysis is a method where the companies ratios value over a period of years are compared and check. The comparison can be done across the peer companies also. The ratio analysis is one method to do the evidence based decision making. The other methodology that is by checking the past contract completion reports and remarks. The evaluation of the contractor, supplier’s performance and also the relationship between contractor and the supplier are evaluated (Jewell 2005). NHS is a medical service system that has a procedure to mitigate the risk in the contractual system. It is England based service provider that is affiliated to HSC that was established in 1948. Each UK service system is operated independently and is politically accountabletotherelevantgovernment.Thusitbecomestheresponsibilityofthe governmentto check the contracts given to the companies. The contracts may be for
5 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC different purpose and it is of huge amount. Thus, the evidence based decision making is very important. Appreciation of counterparty risk in the procurement function: Procurement risk is potential where the failure of a task process which is designed to purchase services, product or resources may not be completed properly in the time frame mentioned. The risk is of the loss of the confidence of the giver. Common types of risk are fraud, cost, quality compromised, and time frame or delivery risk. So some times the risk of procurement is considered as the compliance risk. The contract has a process of procurement and thus the contracts are prone to risk. There is a risk of counter party appreciation are the possibility of clients and sub-contractor not fulfilling their commitments. The subsidiaries have the assess to the credit standing of the clients by accessing the financial position, past experience and other factors that are relevant. The accountability of their advance payment, credit letter and third party guarantees are a kind to mitigate the credit risk. The maximum credit risk that can be allowed depends on the value of the trade and other receivables (Edmister 2002). To mitigate the risk of the supply chain management there is a best way: ï‚·Diversify the suppliers ï‚·Switching the suppliers ï‚·Pile up ï‚·Pre-payment. All the method is used to cover the risk and mitigate the chances of faulty performance. This is methodology to ensure a robust supply chain resilience for an accurate business process. Sometimes the counterparty risk may arise from the financial transactions that takes place
6 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC from the bank and other financial institution. The risk is managed carefully by selecting the right institution for the financial support (Otani 1990). Ratio analysis of Capita Plc: Capita Plc is a business process that works on outsourcing. It deals in governmental and private contract procurement. The head quarter is in London. It is considered as the biggest outsourcing process company. The company earns revenue from the business process of governmental and private sector. It was established in 1987 and today the company has overcame all hurdles and became so successful with 70000 employees. Here the company is trying to take a contract from NHS and there shall be ratio analysis to understand the stability and capacity of Capita Plc (Capita PLC 2019). Liquidity ratio: It analysis the company’s ability to pay back the debt which are closely due like the payment to the creditors. The ratio measure how fast the company will be converting the current asset to cash. The ratio of 1 is considered as safe. 201520162017 current ratiocurrent asset1,836.001,592.301,817.70 current liability2,449.002,660.002,520.20 0.7500.5990.721 Quick ratioLiquid asset1791.715481729 current liability2,449.002,660.002,520.20 0.7320.5820.686
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7 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC The graph is about the current ratio and quick ratio for company Capita PLC. The company maintains a good ratio trend by keeping the ratio above the minimum level. The ratio is comparative same and mentioned at the same level by paying the short term debt. The liquidity is maintained constantly mitigating any financial risk. Profitability ratio: this ratio is to see how well is the company is making income from the asset and equity. The company’s profitability is measure through this ratio. The ratio is not performing well that can be inferred from the ratio analysis done. The graph shows that in the year 2017 the ROA went negative due to the decreased income from the Profitability ratio 201520162017 Net profit marginNet Profit55.6-51.7-110.7 Sales4,836.904,368.604,234.60 0.011-0.012-0.026 1%-1%-3% 201520162017 ROAOperating profit206.6-16.1-420.1 (Return on Asset)Total asset5,343.505,498.504,421.20 0.040.00-0.10 4%0%-10% Return On equityProfit/loss after tax55.6-51.7-110.7 Equity capital679.3-255.4-999 0.0820.2020.111 8%20%11%
8 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC operations. The ROA represents the Return on asset. This indicates that the company is having huge amount of unused asset.The return on equity is not attractive this is due to the low profit the company is making. The company has plan to become a B2G company in the year 2014. The company made some changes that faced some loss due to the diversification (LeiperEt al2003. Working capital ratios: This ratio is more important to the organization as it measures the liquidity of the organization. The accounts receivable day measures the average days it takes to collect the receivables from the debtors. The ratio shows how much days does it gives to its debtor to repay the amount. As it can be noted that the repayment days are not more than 6 months thus the company is very 201520162017 Accounts receivable days Accounts receivable X Number of years in a year.1,144.00873755.2 Annual revenue4,836.904,368.604,234.60 86.3372.9465.09
9 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC much safe the amount is getting back to the account is very early. The company seems very stable. Debt management ratio:The leverage ratio to determine the amount of debt a company is loaded with. The calculation is on total debt to total asset. The ratio is definitely worrisome as the debt has increased from the year 2016 to 2017. The debt has increased and the asset has decreased for the year 2017. The company has started new projects which required fund and this has raised the bar. The liability is added from the current and non-current liabilities together. 201520162017 Debt ratioTotal Liability4,590.205,687.505,351.00 Total Asset5,343.505,498.504,421.20 0.8591.0341.210 201520162017 Debt-Equity ratioTotal Debt2,449.002,660.002,520.20 Shareholders’ Equity679.3-255.4-999 3.61-10.42-2.52
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10 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Looking at the ratios we can conclude that in all case company Capita Plc is in safe and stable conditions. The debt is manageable as the amount of asset is also in same ratio. The liquidity is also very good state the company is operating safely. Ratio analysis of Serco Plc. The Public service giant is one of the biggest companies sin UK. The company has clients from the private and public sector. The diversification that it has in Defense, justice & immigration, health and citizen services. The service is delivered in countries in UK, Europe North America and the middle east. The history if the company is very interesting it started in 1929 and in year 1988 it got listed on stock exchange of London (Serco Group plc 2019). Liquidity ratio: To measures the liquidity of the company’s account. How far it can stand the debts. 201520162017 current ratiocurrent asset925.5759.6657.5 current liability914.5745.3678.1 1.0121.0190.970 Quick ratioLiquid asset859.3737.2640.1 current liability914.5745.3678.1 0.9400.9890.944
11 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC The liquidity ratio is in the best position. The current asset has decreased from the year 2016 to 2017 this is due to the sale of the asset and conversion the ratio is still at the best condition as the management is very concerned about the maintenance of the ratio. The quick ratio is close to the 1 which is counting the stability of the company’s account. Profitability Ratio:The measurement of the fund generated as income form the equity or asset. The ratio is very low due to the net profit that the company is making. The company has more of the expenses to pay and this has led to the decrease in the net profit and operating profit. Working capital ratio: To measure the liquidity and the days the debtors will pay back to the client. 201520162017 Net profit marginNet Profit-153.10.1-1.1 Sales3,177.003,011.002,953.60 -0.0480.0000.000 -4.8%0.0%0.0% ROAOperating profit-3.742.230 (Return on Asset)Total asset1,839.501,764.601,512.80 0.000.020.02 -0.2%2.4%2.0% Return On equityProfit/loss after tax-153.10.1-1.1 Equity capital280.6397.4305.9 -0.5460.000-0.004 -54.6%0.0%-0.4% 201520162017 Accounts receivable daysAccounts receivable X Number of years in a year519.7543.5506.5 Annual revenue3,177.003,011.002,953.60 59.7165.8862.59
12 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC The working capital ratio is stable for this company. The receivable payment period is less than 6 months. The company is concentrating on maintaining the liquidity. Debt Ratio:The ratio is a measure to understand how far the company is financed by the debt. The ratio is very much stable and the company is having a ratio of 0.78 for the year 2017. This is has increased since the last year. Although if we see the data the debt has decreased as most of the debt has been paid. This a good sign for the company. 201520162017 Debt ratioTotal Liability1,557.401,365.801,205.60 Total Asset1,839.501,764.601,512.80 0.8470.7740.797
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13 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Interest Coverage Ratio:ratio to measure the interest paid by the company to the backs from whom they have taken loans. The Serco has managed the ratio in positive due to the positive EBIT. The ratio is around 1.35 which indicates that the company is having more income and less interest to be paid. The company has decreased the loan interest by paying off the debt. The ratios for Serco is also indicating a good health of the company. The company will be able to make the positive impact on the stakeholders. Decision to award the Contract It is very important that NHS should give the contract to the company who can do the work faster, efficiently and in least cost. The stability of the company, debt, liquidity and interest to be paid is to be checked before taking the decision. As per the analysis of the ratios of both the company the contract should be awarded to Capita PLC. The ratios of Capita is much stronger representing the ability of the company to do the project without any hassles. 201520162017 Interest Coverage RatioEBIT-69.419.129.6 Interest Exepense3919.221.9 -1.780.991.35
14 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Section B About Carillion PLC: Carillion was one the largest construction and Service Company in UK. It was having around 43000 employees around the world and highest in UK. It operated as the biggest supply chain extensive sourcing company.It had a pension obligation for 27000 members sin defined benefit pension scheme. The work of Carillion spanned not online public but also private sector. It had its business expanded to UK, Canada, Middle East . The company gained 38% from the work related to governmental contract for constructing roads, hospitals and schools. After all these revenue sources and strength provided by the government stake Carillion fell down to ground. It went into liquidation in January 2018with liabilities of nearly 7 billion pounds. In July, 2017 company issued a profit warning that reduced the contract value to £1,045 million in September 2017. The demise of Carillion was one of the biggest shocks to the UK market. After the demise the company’s liabilities were so high that it was not possible for the UK government to bail out any. The pension liability was around £2.6 billion. The company owed £2 billion to its 30,000 suppliers, sub-contractors and other short-term creditors. If the history of Carillion is seen than it was formed after demerging from tarmac in 1999. It grew fast and became one of the established construction firm in the initial years. The rise and fall of Carillion was a reckless story that shook the whole of UK (Parkinson 2018). Funding Sources for the Carillion: The company was representing the strength not only by the number of project it had but also by the financial strength but the fall came when the contract. Company got two contracts with state-owned Network Rail that would generate revenue of almost 200 million pounds for the British construction and support services company Carillion for the next three years.
15 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC This would have constructed the balance sheet stable. Carillion signed a contract with Network Rail to upgrade the track and infrastructure on the route of London to Corby.This was considered a milestone project for Carillion but what actually happened was shock to everyone. Carillion Power lines joint venture with Power lines group singed a new contract with Network rail for electrification program for the Corby route. The JV would have generated revenue of about of 260 million pounds which would be for 3 years. One more contract of around 1.4 billion pound top build the Britain’s High Speed 2 railway. This was a milestone again the revenue was again enough to maintains positive balance sheet for almost next 3 years. Financial Risk: A financial risk is a term that describes a situation where the enrolled person is making true judgment to take right decisions. The risk at which the company or organization may get into financial troubles. There are many financial risks like business risk, liquidity risk, credit risk (Otani 1990). The company went into liquidation in 2018. This can be attributed to the disturbed balance sheet and the results can be due to the dash for cash business model. The business model was made for the dash for cash driven by the acquisitions, rising debts, expansion of new market and also the exploitation of the suppliers. The reality of the business was not presented in true state. The company paid a huge amount of dividend of 79 million pounds and in 2017 June the company paid a dividend of 55 million pounds. The dividends where paid when the company was struggling to maintain balance financial position. It also has allegation that the company awarded a huge performance bonuses to senior executives. The company also
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16 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC allegation that it mispresentated the accounts by misstating the reduction in the profit warning from £845 to £1,045 million in September, 2017. The company’s profit did not grew and the cash from the operation varied significantly. In 2012, 13 the company’s cash outflow increasedas the volume for the construction decreased but in that same year the dividend were revised and the new dividend where higher and there was no adequate cash flow to cover it (Sovbetov 2015). Fig 1. Carillion’s dividend payments, ( Carillion Plc 2016) Carillon operated 2 defined benefit pension schemes one was for its employees and the was carillion’s B scheme. In 2009 it closed the schemes to accruals and that allowed the employees to join the DB plan. The obligation was not honored till date. The schemes has deficits, the difference in their assets and liabilities, of £48 million in 2008, £165 million in 2011 and £86 million in 2013. The company owed 7 billion pounds of liability a 2.6 billion pounds of liability for the pension protection plan benefits. And a total of 2 billion pounds of payment to 30000 suppliers. The government also has invest around 150 million pounds to
17 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC keep the business running for carillon. Shareholders also got affected as in July 2017 the share prices fell by 70% (Tsuzuki 2008). Ratio analysis of Carillion Return on Equity:The ratio measure the efficiency of the company’s asset to create the profit. How the company is using its asset to generate profit.Carillion is making a downward trend. The sign shows that is not in favor of the investors and the stakeholders. The profit has turned into loss in the year 2017. The ratio is also coming around 257.45% that is not a good sign as the company is making a huge loss and the equity capital is also having negative sign. The reason for the loss has already been mentioned above. Current ratio: The ratio is for the liquidity in the company. How fast can the company provide cash. How easily can the current assets be converted to cash. It is one the ways to measure the liquidity to understand the capability of the company. Ratio of Carillion is very clear the c company is in short of any liquid asset from the pass three years. The negative ratio is around 0.74 which is very low and the state of the company is not stable. 201520162017 current ratiocurrent asset1812.801926.701682.20 current liability1771.101823.802264.40 1.021.060.74 Debt ratio; The ratio that measures the debt to the total asset. The most important aspect to se in a company how much debt does it has in comparison to the asset. This tells the stability story of the company. The lower the ratio the better it is considered. In the Carillion case we 201520162017 Return On equityProfit/loss after tax139.4071.7-1,121.20 Equity capital1017.30940.50-435.50 0.140.082.57 13.70%7.62%257.45%
18 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC can see clearly that the ratio is increasing and the highest in the year 2017. This is due to the amount of debt the company had reached above the assets that it possessed. 201520162017 Debt ratioTotal Liability2852.803050.904074.60 Total Asset3870.104020.703669.40 0.740.761.11 Asset to equity ratio: The ratio is for the amount of asset to every single equity that the organization is having. its measure how the company is making its capitals structure. As the ratio is negative impact that is due to the higher amount of debt and the debt is rising year on years. 201520162017 Asset-to-Equity RatioTotal Assets3870.104020.703669.40 Total Equity993.50940.50-435.50 3.904.28-8.43 Interest Coverage Ratio:It is a ratio that is used to realize the amount of debt that a company is having and the money to pay the interest on the debt. 201520162017 Interest Coverage RatioEBIT142.683.9-1,153.30 Interest Exepense-60.3-29.3-34.2 -2.36484-2.863533.72222 The ratio is pretty high indicating that the company is at higher risk as the EBIT is in loss and the interest expense has increased from the previous years. The final conclusion after analysis the ratio is that company is almost having all kind of financial troubles and only liquidation cansavethestakeholders.Theratioanalysisisreproducesaclearpicturehowthe organization was not able to maintain a balance between the debt and equity.
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19 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Ethical conduct: Carillion’s business model was an example of cash for dash. The mystery that is questionable is not how it fall but how it survived with any scratch. The company’s acquisition was always in question as it lacked a coherent strategy to remove the competitors form the market. All the purchases that it has till date was funded by the debt. The exploration of the oversea market was not planned strategically but just happened as it wanted to expand. The blames has always been to the contracts with the Qatar Company and the reckless planning for expansion without any proper base. The ultimate takers of the mis- conduct was the employees, supplier and the pensioners (Vecchiet al,2013). The company is alleged for delaying the payment and the end result was around 2.6 million pound pending for payment to more than 50k supplier. Despite being authority for prompt payment it failed constantly pot make payment to the suppliers. The suppliers where treated with enforcing standard payment tern of 120 days. The other unethical code of conduct that can be only attributed to Carillion I that it paid the supplier early only after a certain fee. KPMG was the external auditor for Carillion and Deloitte was internal auditor. The Carillion accounts where made manipulative to look optimistic. Other factor for being hidden from the public was that the auditors favored the company. KPMG was paid 29 million pound to act as an auditor. For almost 19 years. As the auditors never exercised the professional skepticism towards Carillion accounting judgment (VERSCHOOREt al2018).
20 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC The internal auditor Deloitte was paid around 10 million pounds to acts according to the company’s business module. The auditor failed head over heal in risk management and financial control. The risk management was not successful was due to the internal pressure given to the auditor. The lucrative fee paid to both the auditor made the company flow like a empty box in the sea of debt and lately sink into it. The reliable information was missing kept the shareholders to suffer. The other most important factors to be concerned about is the key regulators, the Financial Reporting Council (FRC) and the Pensions Regulator (TPR) never brought the pension matter in front of the company. The FRC identified problem in the Carillion accounts in 2015 but never followed them up. TRC tried to enforce pension contributions that it has never used. And the company never paid heed to it. The contract with the Msheireb Properties, a Qatari company, to build residential, hotel and office buildings in Doha. The was supposed to be completed by 2014, but the mystery why its still unfinished and what happened to the money of the investors. Ultimately Carillion’s directors and Msheireb Properties, kept blaming each other for who owed them £200 million (VERSCHOOREt al2018). The Carillion failed to manage the project with weak supply chain and the poor planning and also dealing with new business model of Qatar failed.It was well known that the business model for middle east is very different the reports was published in 2010 was not putting any affect to them and they plunged in the deal . Conclusion: The conclusion for awarding the project is for the best company that has a better liquidity and low debt and that is doing better based on the ratio analysis. The capita Plc is having a better performance over three years that has made the NHS to give the project to the
21 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Capita Plc.The Carillion Plc saw the financial loss due to mis-management. The problems has been analyzed and the report consists of the analysis of debt and equity that the company has taken to finance the project. The major problem that came into the attention was the ethical issues. The company was not following the ethical issues as mentioned in the rule and regulation code of conduct of accounting standards. The ratio analysis proved that the major problem was in the loan that th company kept taking to finance the project and the inability to pay back. The dividend paid was also very high and was unethical to pay when the company was not able to maintain a positive inflow of fund. The incentive and salary hike for senior management became an unethical conduct especially when the company was not making a good profit.
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22 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Referencing: Ahmed,P.K.,Hardaker,G.andCarpenter,M.,2016.Integratedflexibility—keyto competition in a turbulent environment.Long range planning,29(4), pp.562-571. Altman, E.I., 2000. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.The journal of finance,23(4), pp.589-609. Capita PLC 2019.Capita PLC, CPI:LSE financials - FT.com. [online] Markets.ft.com. Available at: https://markets.ft.com/data/equities/tearsheet/financials?s=CPI:LSE [Accessed 7 Apr. 2019]. Edmister, R.O., 2002. An empirical test of financial ratio analysis for small business failure prediction.Journal of Financial and Quantitative analysis,7(2), pp.1477-1493. Jewell, M. and Walker, D.H., 2005. Community of practice software management tools: A UK construction company case study. InKnowledge management in the construction industry: A socio-technical perspective(pp. 112-129). IGI Global. Leiper, Q., Fagan, N., Engström, S. and Fenn, G., 2003, March. A strategy for sustainability. InProceedings of the Institution of Civil Engineers-Engineering Sustainability(Vol. 156, No. 1, pp. 59-66). Thomas Telford Ltd. Otani, I. and Villanueva, D., 1990. Long-term growth in developing countries and its determinants: An empirical analysis.World Development,18(6), pp.769-783.
23 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC Parkinson, M.M., 2018. Financial Distress, Insolvency and Business Rescue. InCorporate Governance in Transition(pp. 43-64). Palgrave Macmillan, Cham. Serco Group plc 2019.Serco Group plc full year results 2018. [online] Serco.com. Available at:https://www.serco.com/news/media-releases/2019/serco-group-plc-full-year-results-2018 [Accessed 7 Apr. 2019]. Sovbetov, Y., 2015. How IFRS Affects Value Relevance and Key Financial Indicators? Evidence from the UK.International Review of Accounting, Banking and Finance,7(1), pp.73-96. Tsuzuki, Y., 2008. Relationships between water pollutant discharges per capita (PDCs) and due to the construction of huge projects.Ecological Economics,68(1-2), pp.273-287. Vecchi, V., Hellowell, M. and Gatti, S., 2013. Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK.Health Policy,110(2-3), pp.243-270. VERSCHOOR,C.C.,2018.CARILLIONFAILURERAISESQUESTIONSABOUT CONSULTING SERVICES.Strategic Finance.
24 Report on the Ratio Analysis of Serco PLC, Capita PLC and Carillion PLC