Serco to carry on managing nuclear bomb facilities
International services firm Serco is to retain its contract to manage and operate the UK Atomic Weapons Establishment - the arm of the military which builds and maintains Britain's nuclear warheads.
International services firm Serco is to retain its contract to manage and operate the UK Atomic Weapons Establishment - the arm of the military which builds and maintains Britain's nuclear warheads.
Serco has had the contract since 2000 - it is worth around £300m per year and the extension will run between 2013 and 2018, adding £1.5bn to the firm's order book.
The work is done in tandem with Lockheed Martin and Jacobs Engineering Group.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Christopher Hyman, Chief Executive of Serco, said: "We are delighted to have successfully agreed this latest pricing period for our AWE contract.
"Working closely with the Ministry of Defence and our joint venture partners, we are delivering a critical component of national security and providing leading scientific research as well as delivering value for money for the taxpayer," he said.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
US election: Trump is back - what does it mean for your money?
Trump is back, but what does his election victory mean for your money and which stocks are tipped to do well?
By Kalpana Fitzpatrick Published
-
M&S smashes profit expectations on the back of strong food sales
Marks & Spencer’s half-year profits rose 17.2% to £407.8 million, well ahead of the £359 million analysts were forecasting
By Chris Newlands Published