May 7, 2020 / 11:18 AM / 22 days ago

Securitas' Q1 profit drops in line with expectations

STOCKHOLM, May 7 (Reuters) - Securitas, the world’s biggest security services group, reported on Thursday a drop in first-quarter profit that roughly matched expectations, and slight organic sales growth despite negative impact in March from the COVID-19 epidemic.

Operating profit was 952 million Swedish crowns ($96.8 million) against a year-ago 1.19 billion. Five analysts had on average forecast a 987 million crown profit, according data from Refinitiv.

Organic sales growth was 2%, an unchanged rate from the previous quarter but down from 7% a year earlier.

Securitas’ shares were up 4% at 1108 GMT.

$1 = 9.8373 Swedish crowns Reporting by Anna Ringstrom; editin by Johan Ahlander

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