Troubles mount for G4S as profits slide
Troubled contracter G4S has suffered a fall in profit before tax of 15 per cent or £170m, according to the company's preliminary results for the year ended 31 December 2013. This compares to a profit of £158m in 2012.
Revenue grew 2.7 per cent to £7.4bn, with strong revenue growth in emerging markets of 16 per cent. The company has been hit with £386m of charges. This included provisions for UK Electronic Monitoring and various other contracts, which totalled £136m.
G4S chief executive officer Ashley Almanza commented:
This has been an extremely challenging year for G4S. We have taken clear action to address longstanding issues and have introduced wide ranging changes to strengthen our business.
We can now look to the future with increasing confidence, focusing on the growing demand for G4S services that underpins our plans to deliver sustainable, profitable growth.