Shifting cash-in-transit market hits G4S revenues
Pre-tax losses at the Irish arm of security firm G4S last year continued to mount as it recorded pre-tax losses of €8.3m.
New accounts just filed by G4S Cash Solutions Ireland Ltd show that the firm recorded the pre-tax losses as revenues declined by 8.6pc from €36.5m to €33.3m.
The 2014 pre-tax loss takes account of €2.78m arising from the firm's restructuring. The losses follow pre-tax losses of €11m in 2013.
According to the directors' report, "the company has undergone a number of years of challenging trading and has incurred significant financial losses, largely due to the changing nature of the cash-in-transit landscape in Ireland".
The directors state that the restructuring of the business throughout 2014 included redundancies at all levels, the closure of certain branches within the company's network and the write off of obsolete assets.
The directors state that they are satisfied that the actions taken will return the company back to profitability in a reasonable time-frame.
The firm received a cash injection of €33.6m last April from its parent, and this reduced the firm's shareholders' deficit from €25.75m to €1m.
Numbers employed by the firm last year reduced from 625 to 573 with staff costs declining from €22.7m to €21.5m