Serco making progress despite Carillion shock

It's been a long road back for Serco (SRP). The outsourcer's shares still trade below where they were a year ago, when they plunged 18 per cent following a lack of progress on margins. Since then, the group has struggled against general bearishness about the outsourcing sector, exacerbated by the dramatic collapse of Carillion (CLLN) and recent troubles at Capita (CPI) and Interserve (IRV).