Jul 13, 2020

G4S boosted by profits outlook and tagging scandal settlement

Shares in G4S jumped 10 per cent on Monday after the outsourcer said its half-year earnings would be better than expected and following a settlement with the UK's Serious Fraud Office announced late last week. G4S said in a statement that underlying earnings for the first six months of the year would be "Significantly above market consensus". G4S employs more than half a million people in 90 countries. The proposed job losses come despite G4S winning significant contracts from the UK government, including work providing security at four of the emergency Nightingale hospitals, 15 drive-in test centres and six walk-in test centres, which it provides in conjunction with pharmacy chain Boots. The settlement still leaves G4S employees liable for prosecution but draws a line under the bulk of the seven-year investigation, paving the way for the company to win significant government contracts.

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