13 August 2018 | Herpreet Kaur Grewal
Support services group G4S saw its revenue grow by 2.8 per cent from 2017 to 2018, according to its latest financial results.
The company said there had been a "step change in revenue growth in the second quarter". New contract wins of £0.7 billion (annual contract value) had also helped the group. First-half contract wins and strong retention rate provided second-half momentum, it added.
It also reported that in the first half of 2018, 42 per cent (FY 2017: 39 per cent) of its Secure Solutions revenues were derived from technology-enabled security services that combine its people with technology.
G4S states: "We have established a substantial business selling technology-enabled solutions to larger customers. With success in that segment, we are extending our offering into the medium-sized customer market."
Ashley Almanza, G4S chief executive officer, said: "As anticipated, the group delivered a marked improvement in revenue generation in the second quarter, with organic growth of 2.8 per cent resulting in half-year organic growth of 0.2 per cent against demanding comparatives.
"Our contract wins and strong retention rate in the first half of 2018 provide revenue momentum into the second half of the year. This, together with growing technology-enabled services in both our cash and security businesses, a favourable sales mix and planned productivity benefits, underpins the group's positive outlook for the full year".