9th May 2016 06:21
LONDON (Alliance News) - Security services and outsourcing company G4S PLC on Monday said it had a positive start to 2016, with revenue growing and no new provisions booked on onerous contracts.
Ashley Almanza, the chief executive of G4S, said the group performed well in the first quarter against a backdrop of macroeconomic uncertainty.
This, he said, was reflected by revenue in the first quarter to the end of March growing to GBP1.51 billion from GBP1.44 billion in continuing businesses.
Revenue from G4S's Onerous Contracts, which it continues to manage through to conclusion, was GBP55.0 million, up from GBP46.0 million a year earlier, while revenue from its Portfolio Businesses, which it is seeking to sell, was GBP186.0 million, down from GBP218.0 million.
Since the start of the year, G4S has won new contracts with an annual value of GBP450.0 million, it said, and with a total contract value of GBP950.0 million.
"We continued to implement our strategy to transform the group's focus and performance and this is reflected in our revenue growth and improving profit and cash generation," Almanza said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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