G4S secures £148m profit

The security firm reverses last year's losses, but are its troubles behind it?

by Adam Gale

Security services G4S has had its share of woes over the last few years. A botched contract at the Olympics, a £109m fine for overselling electronic tagging and a temporary ban on tendering for government contracts all made for a pretty miserable time – and a lot of red ink in its accounts.

There are signs of hope, however. Today, the firm announced pre-tax profits of £148m, compared to a loss in 2013 of £190m. Revenues, meanwhile, were up 3.9% to £6.8bn. It might be a little premature for boss Ashley Almanza to pop the champagne cork just yet, however.

Turnover actually contracted by 1% in the UK to £1.6bn, largely as a result of losing the electronic tagging contract in March. The picture wasn’t much better in the rest of Europe, where revenues fell 0.6% to £1.4bn following the Dutch Department of Justice’s ‘insourcing’ one of its contracts. That really shouldn’t be a word...

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