Support services company G4S has said that its outlook remains steady for the rest of the year, according to its results for the year ended June 30 2020.
The group reported that its revenue growth during the first half of 2020 was "adversely impacted by the Covid-19 pandemic”, particularly in its Europe & Middle East markets and its UK Cash Solutions business.
But it says that its Secure Solutions revenues "held up well".
G4S chief executive officer Ashley Almanza said: “G4S is at an important inflection point as we accelerate our transition to a highly focused global integrated security business. The benefits of our strategy, focused execution and timely response to Covid-19 are reflected in the group’s results with resilient revenue, earnings and cash flows reported for the first six months."
The underlying revenue for the group was £3.35 billion (2019: £3.40 billion), underlying EPS was 6.3p per share (2019: 6.3p per share) and underlying operating cash flow was £364 million (2019: £164 million).
The group’s strategic focus and financial position were further strengthened by the sale of conventional cash businesses, now 76 per cent complete, and financial leverage was significantly improved at 2.58x (2019: 2.90x). Further proceeds of approximately £135 million from this disposal are expected in the second half of this year, according to Almanza.