Sharp fall in losses at Irish arm of G4S security firm

The Irish arm of security giant G4S cut its losses in 2015 after a restructuring.

New accounts show that finance costs at G4S Cash Solutions Ireland Ltd of €1.75m meant it had a pre-tax loss of €606,000. However, that is sharply down from the loss of €8.3m loss in 2014.

It had an operating profit of €1.1m in 2015 after it posted a loss of €7.2m in the previous year. Revenues increased by 11% to €37m.

According to the directors’ report, the revenues increased 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,” says the report and “the outlook for the company is positive”.

Staff numbers at the firm last year fell from 573 to 556. The loss last year takes account of €820,000 in restructuring costs, including redundancy costs of €614,000. The restructuring of the business in 2014 included redundancies at all levels and the closure of a number of branches.

The directors cite electronic payments as a risk to the business saying that the introduction and growth of electronic payment facilities has the potential to reduce the volume of cash in circulation.

“The company continues to develop solutions that cater for changing customer demands and seeks to use technology to identify product offerings that will protect its revenues and market share,” it said.

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