Security firm G4S profit up on strong trading

27/08/2008 09:27

COPENHAGEN (Reuters) - G4S, the world’s biggest security and guarding firm by value, met expectations with a 26-percent rise in first-half operating profit on Wednesday and said it remained confident for the year.

The Anglo-Danish company said earnings before interest, tax and amortisation of acquisition-related intangible assets (EBITA) rose to 174.8 million pounds from 138.9 million, in line with analysts’ average forecast of 176 million.

The biggest employer on the London Stock Exchange with over 570,000 employees, G4S said sales grew 26 percent to 2.70 billion pounds.

Organic turnover growth was 10.5 percent, the group said, with all regions and business segments showing good performance while the operating margin was maintained at 6.5 percent.

"Despite the well-reported difficulties in the economies of a number of international markets, trading is ahead of where we expected it to be at the half year," Chief Executive Nick Buckles said in a statement.