Issue of Equity

Serco Group PLC
7 March 2002

7 MARCH 2002

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN

                        Results of International Placing
                of new Serco Group plc ('Serco') ordinary shares

Serco is pleased to announce that, further to its announcement on 4 March 2002
of a proposed international placing (the 'International Placing'), 39.5 million
new ordinary shares have been successfully placed by Cazenove & Co. Ltd
('Cazenove') and Merrill Lynch International ('Merrill Lynch'). Following a
bookbuilding exercise, the placing price has been set at 305 pence per share,
raising gross proceeds for Serco of approximately £120.5 million. The new
ordinary shares will be credited as fully paid and rank pari passu in all
respects with Serco's existing ordinary shares, including the right to receive
the recommended final dividend of 1.29 pence per share for the year ended 31
December 2001.


Application has been made for the new ordinary shares to be admitted to the
Official List maintained by the United Kingdom Listing Authority and to be
admitted to trading by the London Stock Exchange on its market for listed
securities. It is expected that admission will become effective and dealings
will commence on Tuesday 12 March 2002.


For further information, please contact:

Kevin Beeston                        Serco Group plc         [phone]
Chris Hyman

Malcolm Moir                         Cazenove               [phone]
Dermot McKechnie

Rupert Evenett                       Merrill Lynch          [phone]


This announcement is for information purposes only and does not constitute an
invitation to underwrite or acquire or an offer to sell or a solicitation of an
offer to buy or subscribe for any securities of Serco in any jurisdiction. This
announcement and the information contained herein is not for publication or
distribution to persons in the United States, Canada, Australia or Japan or in
any jurisdiction in which such publication or distribution is unlawful. The
Serco shares referred to in this announcement have not been and will not be
registered under the United States Securities Act of 1933, as amended, or under
the securities laws of any state of the United States and, subject to certain
exceptions, may not be offered or sold within the United States.


Past performance is no guide to future performance and persons needing advice
should consult an independent financial adviser.


This announcement has been issued by and is the sole responsibility of Serco.
Cazenove and Merrill Lynch, both of which are regulated in the United Kingdom by
The Financial Services Authority, are acting exclusively for Serco and no one
else in connection with the International Placing and will not be responsible to
anyone other than Serco for providing the protections afforded to customers of
Cazenove or Merrill Lynch nor for giving advice in relation to the International
Placing or any other matters referred to in this announcement.










                      This information is provided by RNS
            The company news service from the London Stock Exchange