Edition:
India

G4S Says Got Interest To Buy Cash Division, Statutory Profit Hit By Settlement Charge


Tuesday, 12 Mar 2019 

March 12 (Reuters) - G4S PLC ::2018 FULL YEAR RESULTS.FY SECURE SOLUTIONS REVENUES GREW 3.1%; MARGIN 6.5% (2017: 6.2%).FY UNDERLYING REVENUE £7,289M VERSUS £7,213M IN CONSTANT CURRENCY.FINAL DIVIDEND: 6.11P PER SHARE (2017: 6.11P); FULL YEAR 9.70P PER SHARE (2017: 9.70P).ON TRACK TO DELIVER £90-100 MILLION COST SAVINGS BY 2020, TO SUPPORT INVESTMENT AND MARGIN IMPROVEMENT.FY UNDERLYING ADJUSTED PBITA IN CONSTANT CURRENCY OF £474M VERSUS £474M.COMPANY IS TAKING STEPS TO ENABLE IT TO COMMENCE PROCESS OF SEPARATION OF GLOBAL CASH SOLUTIONS DIVISION IN SECOND HALF OF YEAR.IN EVENT OF SEPARATION, BELIEVE THAT SUCCESSOR SECURITY AND CASH MANAGEMENT BUSINESSES WILL BE "VERY WELL POSITIONED".SEPARATION REVIEW WILL INCLUDE POTENTIAL PORTFOLIO ACTIONS TO FURTHER IMPROVE FOCUS AND FINANCIAL FLEXIBILITY OF SUCCESSOR GROUPS.SINCE ANNOUNCING SEPARATION REVIEW, RECEIVED UNSOLICITED EXPRESSIONS OF INTEREST TO BUY GLOBAL CASH SOLUTIONS AND/OR RETAIL CASH SOLUTIONS.EXPECT TO INVEST AROUND £20 MILLION IN RESTRUCTURING CASH SOLUTIONS BUSINESS IN 2019.ESTIMATE THAT COSTS OF CASH SEPARATION REVIEW AND SEPARATION PROCESS WILL BE BETWEEN £25-50 MILLION.SALES WINS IN SECOND HALF OF 2018 HAVE UNDERPINNED A GOOD START TO YEAR.POSITIVE OUTLOOK FOR 2019.FY STATUTORY EARNINGS OF £82 MILLION (2017: £237 MILLION) INCLUDES £100 MILLION PROVISION FOR SETTLEMENT OF CALIFORNIA CLASS ACTION.FY STATUTORY EARNINGS ALSO INCLUDE £35 MILLION CHARGE FOR UK GUARANTEED MINIMUM PENSION EQUALISATION.