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Bid target G4S jumps as first-half revenues rise 4.8%

Published: 19:00 16 Apr 2019 AEST

G4S security guard
Canada’s Garda World said earlier this month it is mulling a bid for G4S

Security outsourcer G4S PLC (LON:GFS) has enjoyed a “good start” to 2019, delivering growth across both arms of the business.

In the first three months of the year, total revenues were up 4.8% compared to the same period of 2018.

READ: G4S soars as Garda World confirms interest

Revenue in its secure solutions division, which provides security guards for The Open golf championship, climbed 4.9% year-on-year, driven by a strong performance in Africa and the Americas.

As for its cash solutions business, which transports and stores money on behalf of customers, revenues grew by 4.4%. Much of the growth came from North America, where sales jumped by a third.

The plan is to spin off that side of the group, and boss Ashley Almanza said “good progress” was being made with the separation review.

‘Positive outlook’

He added: “Our sales wins in the second half of 2018 provided a good start to 2019 and the group’s revenues were 4.8% higher than the first quarter of last year, with growth in all regions and divisions.

“This momentum, together with growing technology-enabled services in both our cash and security businesses, underpins a positive outlook for the group.”

Shares in the FTSE 250 company, which is being targeted by Canadian group Garda World, rose 2.4% to 235.2p in morning trading on Tuesday.

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