Wed, 28 Aug 2013 | BUSINESS SALE
Security services provider G4S has said that it will sell some of its businesses in a bid to strengthen its balance sheet.
The company said today that it has agreed to sell a number of businesses in a move that could raise up to £250 million. The extent of the disposals are unknown, but G4S did state that it plans to sell its Canadian cash security and Colombia data solutions businesses for £100 million. Sales of other US businesses are thought to be ongoing.
Chief executive Ashley Almanza commented on the decision: “In the near term, 2013 will be a year of consolidation for the group with the actions we are now taking starting to deliver tangible benefits during 2014.”
The executive added: “We are divesting a number of non-core businesses, which will improve our strategic focus and realise substantial cash proceeds.
“We have announced two disposals today with combined cash proceeds of around £100 million and we have a well advanced process to sell two other businesses in the US. We are also considering other disposals and these together with those already announced have the potential to raise up to £250 million.”
The business has had a difficult few years since it bungled the contract for the London 2012 Olympics. It also issued a profit warning back in May that confirmed it would place 140.9 million new ordinary shares representing up to just under ten per cent of its existing share capital.
Despite these problems the company still managed to post an increase in sales of 7.2 per cent for the first half of the year, along with organic growth of 5.4 per cent. Its growth in developing markets was even stronger at 13 per cent.
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