Source: Sharecast
Public services firm Serco has agreed to acquire Northrop Grumman's mission training and satellite ground network communications software business for $327.0m in cash.
Serco said on Thursday that the business, which provides the US military with advanced mission training services and software for satellite ground networks, will build additional scale for the company in North America, growing revenues beyond $2.0bn and pushing profits above $200.0m.
The FTSE 250-listed firm also said the acquisition brought new capabilities and access to a broader base of customers, which will provide further opportunities for it to grow organically in both North America and internationally.
Chief executive Mark Irwin said: "We have approximately doubled revenue and more than trebled profit in Serco's North America business in recent years through a successful combination of organic growth and strategic acquisitions. MT&S provides an excellent opportunity to continue that success.
"The acquisition increases our scale, capabilities and growth potential in US defence, the largest defence market in the world, as well as providing solutions we can offer to our customers worldwide."
Media group Future said on Thursday that it has appointed Kevin Li Ying as its new chief executive officer with effect from 31 March, succeeding Jon Steinberg.
Li Ying joined Future more than 20 years ago and has been a "key contributor to the successful transformation of the company from a traditional print publisher into a leading global digital media platform of today", it said.
Wizz Air tumbled on Thursday as it reported a narrowing of its third-quarter losses but cut its full-year profit forecast as it deals with issues related to engine groundings.
In the three months to the end of December 2024, operating losses narrowed to €75.9m from €180.4m in the same period a year earlier.
Total revenue rose 10.5% to €1.18bn as traffic hit a record 15.5m passengers in the third quarter, up from 15.1m a year earlier.
Wizz said it now expects full-year net income of €250m to €300m, down from previous guidance of €350m to €450m.
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