I am happy with the way matters are moving here.

RBC note:
"H1 results are 1% ahead of us at the EBITA line driven by a slightly better organic growth (5.1% vs 4.1%) forecast and a slightly better margin performance, although again messy given restatements, disposals and onerous contracts. Cashflow and the net debt position were better than feared with a working capital inflow and less forex impact. As a result net debt is at the same level as the FY and although the IAS19 pension deficit has increased by £80m, commentary around the upcoming actuarial review is more positive. Net debt to EBITDA has drooped a touch to 3.2x and management remains confident of still gleaning £250-£350m from disposals over the next 18m. The dividend has been maintained. Whilst the balance sheet remains stretched, treading is fine and cashflow is better and given the negative sentiment over the stock, I would expect it to be up today. We recently upgraded to Sector Perform (on July 25), believing risk reward is more balanced given the valuation (11x 17E PE, 5% Div yield) if management could put the balance sheet issue to bed.
Sales – £3,086m vs forecast £3,071m
EBITA – £199m vs forecast £196.5m
Clean EPS – 6.6p vs forecast 6.0p (cons 14.5p)
DPS – 3,59p vs forecast 3.59p – flat
Sales: Organic revenue growth has come in at 5.1% vs 4.1% forecast and vs 3.6% at H215. Good growth was seen in most areas – Africa (7.4%), North America (3.5%), Asia (3.4%) Middle East (16.4%), Europe ( 5.06%) and Latam (9.4%) with only the UIk weak at -1.9%
Margin: Ex disposals and onerous contracts, the EBITA margin was 6.45% vs 6.4% forecast – up 18bp on last year. Cash services margin increased by 90bp although secure solutions was down 10bp
Exceptionals: Total exceptionals for the H1 were £11m
Net debt/Cash flow: Net debt was £1782m vs £1782m at the FY and vs £1984m forecast – a good performance – with less of an impact from forex than feared and a good working capital performance (+£53m). Net debt to EBITDA now stands at 3.2x (vs 3.3x at the year end) although this is higher if include the pension deficit.
Further disposals – Sold 7 businesses in H1 for £32m. No news on the bigger businesses held for resale other than ‘We have a structured process and active buyer interest in our remaining businesses held for sale.’
Pension deficit: £314m net of tax vs £234m at FY –reflecting changes to discount rates and the deficit reduction payments. The latest actuarial review is due in H2 but is expected to reflect strong asset performance and a reduction in the deficit
Outlook – Maintaining the 4-6% medium-term growth target and still expects to glean £250 to £350m from disposals over the next 18m."

StockMarketWire.com
Security group G4S has agreed the sale of G4S Israel to FIMI Opportunity Funds (FIMI) for an estimated net consideration of NIS425m (equivalent to £88m) which will be satisfied in cash at completion.

FIMI is a premier Israeli private equity fund.

G4S will retain a presence in Israel through ownership and continued investment in the flagship national police training centre Policity in partnership with FIMI and Shikun & Binui, a major Israeli infrastructure and real estate group.

The sale is subject to government and customary regulatory approvals which are expected within the next three months. The net proceeds will be used for general corporate purposes.

G4S Israel provides manned security and security systems across Israel. In the year to 31 December 2015, G4S Israel generated profit before taxation of £8m and, as at 31 December 2015, it had gross assets of £56m.

As part of the transaction, senior management in G4S Israel will remain with the business at completion.

G4S group chief executive Ashley Almanza said: "The sale of our business in Israel is part of our active portfolio management programme announced in 2013 to improve our strategic focus and capital discipline.

"G4S Israel is a well-managed business that will grow and prosper as part of the FIMI group providing a positive future for our 6,000 colleagues in Israel and long term, high quality service and support to customers operating in the Israeli market."

StockMarketWire.com
G4S has completed the sale of G4S Youth Services in the US to BHSB Holdings, Inc for US$56.5m in cash.

G4S said proceeds from the sale would be used for corporate purposes.

G4S Youth Services is a leading provider of residential-based juvenile services throughout Florida and in the states of Texas and Tennessee.

In the year to 31 December 2016, G4S Youth Services posted profit before taxation of US$5.1 million (2015 US$5.6 million) and, as at 31 December 2016, it had gross assets of US$21.5 million (2015 US$21.4 million).

G4S said that as part of the transaction, senior management in G4S Youth Services would remain with the business.

StockMarketWire.com
G4S has made a strong start to its financial year as it maintained momentum from the end of 2016.

Revenues from the group's continuing businesses were 8.9% higher than the first quarter of 2016.

The group said trends continued from 2016, with double-digit organic growth in developed markets and revenues broadly unchanged in emerging markets.

It said that new contract wins and the pipeline provided confidence in the group's expectation of average revenue growth in the range of 4-6% per annum.

As part of the established portfolio programme, the group realised $56.5m in the quarter from the sale of the Youth Services business in the United States.

The group said its business plan and current performance continued to support a net debt/EBITDA ratio of 2.5x or lower by the end of 2017.

Chief executive Ashley Almanza said: "In line with our expectations, the group had a strong start to the year, with the momentum from 2016 continuing into the first quarter of 2017."

StockMarketWire.com
G4S reported revenues from continuing businesses rose 3.2% at £7.43bn and earnings rose 5.7% to £277m from £262m, while profit after tax grew to £281m from £263m the previous year.

The firm's overall growth in revenue and profit was driven by strong volume growth, particularly in its retail cash solutions business in North America, Cash360 in Europe and Deposita in Africa and Asia.

The group reported developed markets revenues grew 3.7%, and emerging markets revenues grew 2.9%, amid strong growth in technology-related security revenues which grew 11.4%. Emerging market revenues were weighed by a 5.1% drop in revenues in the Middle East & India.

Secure Solutions and facilities management - representing 77% of revenues - were up 3.4% to £6.22bn, while cash solutions revenues rose 2.3% to £1.21bn.

The firm reported adjusted PBITA of £496m, up 4.2% from £476m the previous year.

The group's net debt to EBITDA improved to 2.4x from 2.8x in 2016.

The final dividend was raised 5% to 6.11p per share, taking the full-year dividend to 9.7p per share.

Chief executive Ashley Almanza said: 'G4S has delivered another year of profitable growth and good cash generation, enabling us to invest in our growth, technology and productivity programmes and, at the same time, strengthen our balance sheet.'

'The outlook for the Group is positive: our strong market positions, commercial discipline, growing technology-related revenues, positive cash generation and on-going productivity programmes provide substantial confidence that the Group is well positioned to deliver a strong performance over the next three years.'

StockMarketWire.com
G4S said Wednesday it expected growth to accelerate in the second half of the year after organic revenue fell 2% in the first quarter.

The fall in first-quarter revenue was due to a tougher comparison as revenue in the same period a year ago was lifted by a large retail solutions contract in North America.

The firm said its North America retail cash solutions business had continued to build a large sales pipeline, making significant progress with pilot programmes at major retailers.

'We expect growth to accelerate in the second half of 2018 as the strong first-half comparatives from Retail Cash Solutions roll off, our new contracts mobilise and our productivity programmes deliver benefits to the bottom line,' said G4S Group Chief Executive Officer, Ashley Almanza.

StockMarketWire.com
Security company G4S reported Thursday a plunge in first-half profits and lower revenues as restructuring costs and poor performance in the Europe & Middle East and the Americas weighed.

For the six months to 30 June, reported profit before tax fell 36.5% to £139m from £275m a year earlier, revenue fell 7.5% to £3.67bn and operating profit fell 29.8% to £193m.

The company blamed the performance on restructuring costs, poor trading in the Europe & Middle East Secure Solutions region, and increased business development and operating costs in the cash solutions division.

Profits were also weighed down by an £8m hit from sold businesses.

The company said, however, that momentum should pick up during the second half of the year.

'Our contract wins and strong retention rate in the first half of 2018 provide good revenue momentum and this, together with an improving sales mix and planned productivity benefits in the second half of the year, underpins the Group's positive outlook for the full year,' said G4S Group Chief Executive Officer, Ashley Almanza.

You seem to like gaps skinny!..........................

Gaps apart - a bullish engulfing flag yesterday - the market looks to be opening @-55.

StockMarketWire.com
Security company G4S said Wednesday full-year profits would be flat year-on-year after third-quarter revenues were weighed down by weaker performances in Benelux and its conventional cash services business.

Pre-tax profit (PBITA) for 2018 was expected to be flat compared with the prior year following investment in new products and services, G4S said.

Organic revenue growth was 2.5% for the third quarter from a year earlier, resulting in growth of 1.1% for the first nine months of 2018, the company said.

Performance was weighed down by lower revenues in Benelux and conventional cash services offsetting strong growth rates in security services in North America and Asia and in cash technology solutions, the company added.

'We continue to exercise commercial discipline in markets where labour supply is tight and whilst this is expected to constrain revenue growth in 2018, our new contract wins and substantial, high quality pipeline provide good momentum into 2019,' said G4S CEO Ashley Almanza.

Stifel comment:
"The much anticipated pick-up in growth, which was key to our BUY thesis, has failed to materialise.
We believe the market's confidence in management's promises has been dented by yet another underwhelming update. The group is developing a reputation for over promising / under-delivering; it will take time to rebuild trust.
In the meantime we expect the shares to tread water. G4S has strong foundations operationally but so far has failed to translate these to sustained earnings momentum. This needs to change if the share price is to regain some positive momentum.
We downgrade to HOLD and cut our FY18 earnings numbers by c.7% (consensus likely to come down by c.3-4%). Our new 190p target price represents 10x 12-month forward earnings, at the bottom end of the group's trading range [11-18x] and represents a dividend yield of c.5% which we think is sensible."

UBS today reaffirms its buy investment rating on G4S PLC (LON:GFS) and cut its price target to 235p (from 300p).

MACD looks to be turning up.

Yes, I am watching this & WMH, both of which appear to be approaching a turning point.

Review of Separation Options for G4S Cash Solutions
The Board of G4S is today announcing that it is reviewing options for the separation of the Group’s Cash Solutions businesses from the Group, following the establishment of the Global Cash Solutions division on 1 January 2018.

Since 2013, G4S’s portfolio management programme has created a focused Group with two principal business segments: Secure Solutions and Cash Solutions. The Board believes that a separation of Cash Solutions has the clear potential to enhance the focus and success of both businesses and thus to unlock substantial shareholder value.

The review of separation options has commenced and is expected to be completed during 2019. An update will be provided with the Group’s full year results in March 2019.

HSBC today reaffirms its hold investment rating on G4S PLC (LON:GFS) and cut its price target to 220p (from 245p).