Mar 12, 2019

G4S to spin off cash handling business

Security outsourcer G4S said it would spin off its cash handling business in the second half of the year after it received offers of interest for the division from potential bidders. Analysts at RBC have put a potential valuation of £1.6bn on the cash business. G4S said this was because of slower "Mobilisation" of new contracts and higher security costs in South Africa, where there has been a spate of attacks on its vans. G4S also reported full-year results on Tuesday showing pre-tax profits fell 66 per cent in 2018 from the year before, to £143m. This was partly because of a £100m settlement paid by the group to end a class action in California bought by representatives of G4S' employees in the state and relating to their meal and rest breaks. Group revenues fell to £7.5bn from £7.8bn. Get alerts on G4S PLC when a new story is published.

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