news13 Mar 2012 07:42
UPDATE 1-G4S profit rises, upbeat on UK and U.S. markets
13 March 2012 07:34
FY PBITA 531 mln stg vs 520 mln stg
Sales up 4.7 pct to 7.52 bln stg
Sees 2012 acquisition spend of 200 mln stg in developing markets
Encouraged by U.S. and UK outlook, cash solutions business still tough
Recommended total dividend per share 8.53P
(Adds details)
LONDON, March 13 (Reuters) – G4S , the world's largest security services firm, posted a 2 percent rise in full-year profit, and said it was upbeat on its 2012 prospects as U.S. and UK outsourcing markets improved.
G4S, which made headlines last year when it scrapped a 5.2 billion pound deal to buy Danish outsourcing firm ISS due to investor opposition, said profit before interest, tax and amortisation (PBITA) for 2011 was 531 million pounds ($829.13 million), up from 520 million in 2010.
The group, which operates in over 125 countries and provides services from cash transportation to prison management and events security, including the London 2012 Olympic Games, said it expected the UK market to be boosted by government appetite for facilities management deals.
However, the group, which grew revenues by 4.7 percent to 7.52 billion pounds, said the outlook for its developed markets cash solutions remained "muted" as the division struggles with low interest rates hampering growth.
G4S said it expected to spend around 200 million pounds on acquisitions in developing markets in 2012, adding that it would look to move beyond security work in countries like Brazil, India and China where other opportunities were large.
Shares in the FTSE-100 company, which upped its dividend by 8 percent to 8.53 pence, closed at 289.5 pence on Monday, valuing the business at around 4.1 billion pounds. ($1 = 0.6404 British pounds)
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