Shares of G4S PLC (LON: GFS) dipped 2% this morning in London after the security provider saw its revenue fell 2%.
Still, the security firm noted that profit for the first nine months of the year ending September 30 was ahead of the last year’s levels. Lower revenue is blamed on a fight to reduce costs during the pandemic.
Underlying profits are ahead of expectations as well after the company managed to retain and win new contracts with annual revenue values of £2 billion. G4S recently announced it won a ten year, £30 million per year contract to deliver custody and rehabilitation services at HMP Five Wells in the UK.
“G4S today is a focused global business delivering integrated security solutions which combine our risk consulting, security, technology and data analytics capabilities,” G4S group chief executive Ashley Almanza said.
“The benefits of our strategy, strong execution and rapid response to Covid-19 continue to be reflected in the group’s results during 2020 with resilient revenue, earnings and cash flow.”
G4S share price currently trades 0.1% in the green after the buyers have managed to erase losses from this morning.
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