9th May 2018 09:56
LONDON (Alliance News) - Security services provider company G4S PLC said Wednesday that first-quarter organic revenue fell 2% as expected due to mobilisation of a large retail solution contract in North America.
G4S, which recorded year-to-date sales of GBP500 million, added that its North American retail cash management business continued to build a large sales pipeline and make significant progress with pilot programmes at major retailers, providing confidence in the business' growth prospects.
At Secure Solutions - the company's security business - revenue growth in the first quarter was partially offset by the year-on-year effect of the slowdown in Middle East and India in the second half of 2017. G4S said business in India is now growing and the Middle East business is starting to stabilise.
"The group continued to make progress with its plans to deliver revenue growth and improved productivity. We expect growth to accelerate in the second half of 2018 as the strong first-half comparatives from Retail Cash Solutions roll off, our new contracts mobilise and our productivity programmes deliver benefits to the bottom line," said G4S Chief Executive Ashley Almanza.
Shares in G4S were down 4.2% at 249.70 pence in morning trade Wednesday.
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