By Gordon Deegan
Pre-tax profits at the Irish arm of security cash transit firm G4S climbed 74% to €1.3m last year.
Revenues at G4S Cash Solutions Ltd rose 3% to €45m, attributed to a rival firm pulling out of the Irish cash market.
“Operating margins improved on the back of the improved sales,” the directors state in the accounts.
They warn of a challenging competitive conditions and say controlling costs is still needed.
“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,” they state.
Staff numbers increased to 689 from 615 in 2016, while staff costs totalled €26.1m in the year.
The company directors were paid a total of €347,000.
The profits take account of lease expenses of €1.25m, as well as non-cash depreciation costs of €3.6m. The company’s cash holdings fell from €37.88m to €32m.
However, the company warns in the accounts about the increased use of electronic payments and the effect this could have on the use of cash and on some of the company’s traditional services.
The directors say they are seeking out technologies and products to protect its revenues and market share.