Irish arm of security firm G4S secures €37m in revenues

The main Irish arm of security firm G4S last year returned to operating profit, as revenues jumped by 10% to €37m.

New accounts just filed by G4S Cash Solutions Ireland Ltd show the firm recorded an operating profit of €1.1m after sustaining operating losses of €7.2m in 2014.

The directors’ report says that after a restructuring plan in 2014, the company swung back to an operating profit in 2015”.

Nonetheless, it recorded a pre-tax loss of €606,000 after incurring finance expenses of €1.756m. The loss compares with a loss of €8.35m in 2014.

The directors say that “the outlook for the company is positive and the directors are satisfied that the demand for services is strong”.

The restructuring in 2014 included redundancies and the closure of a number of branches.

Restructuring charges last year totalled €820,000, down from €2.78m in 2014. Meanwhile, its cash pile increased from €23.8m to €48.9m.

Numbers employed by the firm last year fell from 573 to 556, and staff costs declined from €23.2m to €21.3m. Some 486 people work in operations, 65 in administration and five are managers.

“Cash losses can have a major impact for our customers and the company in respect of loss of profit, increased cost of insurance and health and safety considerations for our staff and public,” the directors say.

They say electronic payments is also a risk to the business, pointing out that the introduction and growth of electronic payments could reduce the volume of cash in circulation and lead to a fall in demand for some of the company’s services

The directors state: “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.”