Irish arm of security company G4S returns to an operating profit after restructuring
Published 04/08/2016 | 02:30
The main Irish arm of security firm, G4S returned to operating profit last year as revenues jumped by 10pc to €37m.
New accounts just filed by G4S Cash Solutions Ireland Ltd show that the firm recorded an operating profit of €1.1m after sustaining operating losses of €7.2m in 2014 - a positive swing of €8.3m.
According to the directors' report "following a restructuring plan implemented throughout 2014, the company returned to an operating profit in the financial year 2015".
The directors state that "revenues increased by over 10pc year-on-year due to both new business wins and volume increases with existing customers. The effects of the 2014 restructuring programme combined with a review of all ongoing direct cost and overhead lines, were evident in the reduction in operating costs."
The firm last year recorded a pre-tax loss of €606,000 after incurring finance expenses of €1.756m.
The pre-tax loss of €606,000 last year compares to pre-tax losses of €8.35m in 2014.
The directors state that "the outlook for the company is positive and the directors are satisfied that the demand for services is strong and that the company retains the capability to deliver such services".
The firm was in a net liability position at the end of last year having a shareholders' deficit of €989,000.
The directors state that they are satisfied that the improving trading performance of the company and will lead to a net asset position in due course.
The company's cash pile increased from €23.8m to €48.9m last year.
Numbers employed by the firm last year reduced from 573 to 556 with staff costs declining from €23.2m to €21.37m.