    
 SERCO GROUP PLC
Annual Review & Accounts 2003
31 March 2004
Excerpt from the Chairman's Statement
Maintaining a strong balance sheet is a priority for us, because of the continuing growth of the business and the scale of opportunities ahead. In August, we took advantage of historically low interest rates by issuing £117m of 8-12 year loan notes. This provides assured funding for the future and allows a mixed portfolio of debt. It has also enabled us to repay the short-term facilities we used to acquire the remaining 50% of Premier Custodial Group (Premier). Following this restructuring of debt we now have a very strong balance sheet with increased long-term debt capacity.
Kevin Beeston
Executive Chairman
Placement of these securities was arranged through Schechter & Co Limited.
|
Schechter & Co. Limited