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Security firm G4S says no further impairments in first quarter

Published 09/05/2016, 07:39
Updated 09/05/2016, 07:50
© Reuters. A G4S security van is parked outside a bank in Loughborough

LONDON (Reuters) - Britain's G4S plc (L:GFS) said it had made a positive start to its financial year, with revenue from its continuing businesses up 4.5 percent in its first quarter and no new impairments on its portfolio of loss-making government contracts.

"Against a backdrop of macro-economic uncertainty, the group had a positive start to year," chief executive Ashley Almanza said in a statement on Monday.

The world's largest security firm said it won new contracts with annual revenues of 450 million pounds in the three months to end-March, while profit before interest, tax and amortisation excluding restructuring charges rose 6.5 percent.

Shares in G4S fell more than 12 percent to seven-year lows in March when it took an extra 65 million pound charge on loss-making British government contracts. The stock has made little progress since, and it closed at 184 pence on Friday.

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