Serco, the word count
Serco’s interim results statement contained much of interest. But it took over 10,000 words to say it. By contrast, Capita managed to get things off its chest with half this many.
Both businesses have much to boast about. Both are complex beasts that take a lot of explaining. Each has a similar obligation to pad their reports out with formulaic nods to the various regulatory regimes. But why is Serco so much more prolix in getting out its message?
Our pet theory is managerial. Serco, strangely for a company that operates a ‘lean’ and decentralised model, somehow finds itself with a Director of Corporate Communications and a Head of Investor Relations. Put each down for a bit of job-justifying hackery and you quickly have a 50 page half-year review.
