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G4S reports 'strong' underlying performance in Q4 on boost from contract wins
StockMarketWire.com
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Security company G4S said it had delivered 'strong' performance in the fourth quarter of the year, underpinned by new and existing business wins.
Revenue was in-line with 'the trends highlighted at the nine-month stage and PBITA margins held up well, once again demonstrating the momentum and underlying strength of our business,' the company said.
New and retained contract wins amounted to an annual revenue value of £3.0 billion compared with £2.5 billion in 2019.
The total contract value associated with these wins was £5.5 billion, the company said.
'Our cash flow benefited from Covid-19 related payroll and other indirect tax deferrals of around £110 million and we expect around £80 million to reverse in 2021,' the company said.
'We expect that this will be more than offset by disposal proceeds of around £100 million scheduled to be received from The Brink's Company during Q1 2021, of which £40 million has already been received since the 2020 year end,' it added.
Story provided by StockMarketWire.com
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