(Adds more detail on results, background)
July 23 (Reuters) - Security contractor G4S Plc on
Thursday reported first-half operating profit that beat market
expectations, getting a boost from a solid performance in its
core security business, but said it would still hold off on
paying dividends.
G4S, one of the world's largest private security firms
employing more than half a million people in 90 countries, sold
off most of its cash handling business in February to U.S. peer
Brinks Co to focus on its security business.
The British company, which provides security for companies,
airports, sporting and entertainment events, said profit fell
4.6% year-on-year to 187 million pounds ($238.35 million).
Analysts' had expected operating profit of 159 million pounds,
according to a company compiled consensus.
Adjusted operating profit at its cash business fell by a
third.
Earlier this month, G4S said it planned to lay off some
employees at its retained UK cash operations to cope with
sliding cash volumes during the COVID-19 pandemic.
On Tuesday, the firm said it expected to save 100 million
pounds in 2020 from productivity gains and a restructuring.
Profit at its secure solutions business rose 1.5% in the six
months to June, as growth in the Americas and Asia countered
weakness in Europe and Middle East, where the group has said it
saw the most impact from the coronavirus crisis.
($1 = 0.7846 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard
Orr)
