GFS.L Share News (GFS)

(Sharecast News) - Security services company G4S posted a drop in full-year pre-tax profit on Wednesday but a rise in revenue as it reassured investors that it had seen no material impact so far from the outbreak of the coronavirus.
Pre-tax profit slumped 81% to ?27m as it invested in sales, marketing and integrated technology solutions, while revenue edged up 3.4% to ?7.76bn.

On a statutory basis, the company swung to a loss of ?91m from earnings of ?81m the year before as it took a ?291m charge related to its UK cash business.

Revenue in the secure solutions business was up 4.7%, while the retail technology solutions and conventional cash segments saw growth of 18% and 1% respectively.

The final dividend was unchanged at 6.11p per share, meaning the total dividend for the year was steady at 9.7p a share.

Chief executive officer Ashley Almanza said: "Whilst there is clearly near-term uncertainty about the impact of the coronavirus on the global economy, the effect on the group has, to date, been immaterial.

"We will continue to closely monitor the development and impact of the coronavirus and take mitigating actions, as required. The long-term, fundamental strength of the global security market, together with the competitive strength of our secure solutions and retail technology solutions businesses, underpins our confidence in the outlook for the group."