Aug 9, 2017

G4S hails recovery as sales and profits rise

G4S, the world's largest security company, hailed progress in its recovery as it posted an increase in sales and profit for the first half of this year. The FTSE 100 group's shares fell almost 5 per cent in early trading, even as it said that revenue was up 6.2 per cent to £3.72bn at constant exchange rates in the six months to June 30, excluding businesses it has earmarked for sale or closure and onerous contracts. Although G4S did not break out figures for the second quarter, City analysts noted that organic growth slowed to an implied 3.5 per cent, after hitting 8.9 per cent in the first three months of the year. Revenue slumped in the Middle East as lower oil prices weighed on trading, while in India G4S was affected by demonetisation - the government's removal of a large number of banknotes from circulation. On a statutory basis, G4S recorded a 12.5 per cent increase in half-year revenue to £4bn, while profit before tax was £218m. The shares were down 4.93 per cent at 314.3p in morning trading in London.

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