G4S first half profits rise after contract wins
August 13, 2014 12:08 pmVideo
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Security firm G4S (GFS.L) announced an increase in first half profits due to 26% more contract wins in the period. Underlying pretax profit rose 6.3% to £185Million helped by emerging markets growth, though UK performance was also up around 6%.
This comes despite recent critism and several issues, most notibly concerning the 2012 Olympic Games where the firm failed to provide enough security staff to cover the event prompting the government to step in.
Financial highlights:
• New contract sales with total value of £1.2bn (+26%)
• Organic revenue growth of 4.1%
Emerging markets +12.1%
Developed markets in line with the prior year
• Underlying PBITA1 6.3% higher at £185m (2013: £174m)
Emerging markets PBITA up 14.7%
Developed markets PBITA up 6.7%
Corporate costs of £28m an increase of £8m including £6m non-cash pension and LTIP costs
• Underlying Earnings1 of £86m (2013: £76m), up 13.2%, EPS up 3.7%
• Total cash generated by continuing operations of £212m (2013: £224m) included cash flow of £185m (2013: £148m) from operating businesses and one off corporate items of £27m (2013: £76m)
• Net debt position as at 30 June 2014 was £1,680m, reflecting the normal seasonal effect of lower cash flows in the first half which is expected to reverse in the second half of 2014 and the £109m electronic monitoring settlement
• Portfolio management: proceeds of £89m in six months. A further £37m due to be received in the second half of 2014 from the sale of business in Sweden
• Interim dividend maintained at 3.42p/share (DKK 0.3198)
Ashley Almanza, Group Chief Executive Officer, commented:
“The group made good progress and delivered a satisfactory financial performance in the first six months winning new contracts with a total value of £1.2 billion and producing a 13.2% increase in earnings. There remains much to be done to capture the full potential of our strategy and to strengthen the group’s performance. ”
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