(Sharecast News) - Security services firm G4S said on Monday that its revenues have remained "resilient" for the first eight months of the year following a strong performance in the first half of 2020.
Revenues in the Secure Solutions division, which accounts for 93% of group revenue, were broadly in line with 2019.
Group revenues were 1.9% lower overall and this was more than offset by tight direct and indirect cost control and reduced interest costs, the latter reflecting both refinancing benefits and the company's improving net debt position, G4S said.
As a result, underlying earnings which were in line with 2019 at the six months stage are now ahead of the prior year for the first eight months.
G4S, which recently rejected a takeover offer from Canadian rival GardaWorld, said: "Although the global economic outlook remains uncertain, the group's performance in the first eight months demonstrates the strength of the business."
Chief executive officer Ashley Almanza said: "G4S today is a focused global business delivering technology-enabled security solutions. The benefits of our strategy, strong execution and timely response to Covid-19 continue to be reflected in the group's results during 2020 with resilient revenue, earnings and cash flow."
13 Apr 2021 11:31
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