* Posts full-year statutory loss of 91 million STG
* Shares fall 19% to 16-year low
* Says coronavirus impact has been "immaterial"
* One employee in Asia was infected
(Adds shares, detail, background)
By Yadarisa Shabong
March 11 (Reuters) - G4S, one of the world's largest
private security firms, took a 291 million pound ($375 million)
charge in 2019 mainly related to its UK cash business, pushing
it to an annual statutory loss and sending its shares tumbling
to a 16-year low.
The non-cash charge, much of which relates to goodwill on a
merger dating back to 2004, overshadowed a relatively upbeat
update from the group, which said the impact of the coronavirus
outbreak on its business so far had been "immaterial".
G4S employs more than half a million people in 90 countries,
a third of them in Asia, and a majority of its employees are in
frontline roles such as security guards for companies,
government agencies, sporting and entertainment events.
The British company, which is contracted to provide security
in stadiums and for players and officials during the Indian
Premier League cricket tournament in the next few weeks, said it
had cut back operations in high risk areas such as Hong Kong,
Macau and China to mitigate the spread of the virus.
However, the firm has limited exposure to Mainland China,
where the virus emerged, and no operations in Italy and Iran,
where recently there has been a spike in number of cases.
G4S, which has been restructuring its business for the last
few years following various setbacks, reported a full-year
statutory loss of 91 million pounds due to the charge, compared
with a profit of 81 million pounds a year earlier.
Last month, the company sold a majority of its cash
transportation business to U.S. rival Brinks for 727
million pounds, including debt, while retaining its payment and
cash technology business.
G4S also held on to its entire cash business in the United
Kingdom, where G4S' vans and guards transporting boxes of money
are a familiar sight.
The company, which traces its history to a Danish guarding
company from 1901, rolled out the G4S brand in the early 2000s
after the merger of Britain's Securicor and Group 4 Falck's
security businesses to form Group 4 Securicor.
The non-cash charge largely related to a "good deal" of
goodwill on that merger in 2004, Chief Executive Ashley Almanza
said in a media call.
Shares of the FTSE 250 company, which have lost a quarter of
their value in the stock market rout of the last two weeks, had
fallen as much as 19% to 107 pence as of 1008 GMT.
Almanza said there had been one confirmed case of the
coronavirus at its business in Asia, adding the employee was
recovering from the illness.
($1 = 0.7765 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard
Orr and Mark Potter)
