Irish arm of security firm G4S back in profit
The Irish arm of security giant G4S returned to pre-tax profit last year after a jump in revenues.
New accounts show that G4S Cash Solutions Ireland Ltd recorded a pre-tax profit of €747,000 in the 12 months to the end of December last. This followed the firm recording a pre-tax loss of €606,000 in 2015.
The firm returned to pre-tax profit after revenues increased by 18pc, going from €37m to €43.83m. According to the directors' report, the firm's revenues were boosted by a competitor exiting the Irish cash-in-transit market and G4S "captured a large element of the remaining business".
The directors state that the company continues to operate in a challenging and competitive environment where cost control is vital to ensure that the ongoing recovery of the trading performance is sustainable.
The report states: "Nevertheless, the outlook for the company is positive and the directors are satisfied that the demand for services is strong and the company retains the capability to deliver those services."
Last year, operating profits at the company increased by 110pc, going from €1.1m to €2.3m. At the end of December last, the firm had shareholder funds of €11.7m following a shareholders' deficit of €989,000 in 2015.
The strengthening of the company's balance sheet followed a cash injection of €12m from the company's parent during the year.
The profit last year takes account of non-cash depreciation costs of €4m. Numbers employed last year increased from 556 to 615.