The Irish arm of multinational security services giant G4S returned to profit last year and saw a healthy jump in revenues.
Newly filed accounts show that G4S Cash Solutions Ireland Ltd recorded a pre-tax profit of €747,000 for the 12 months to the end of December. This followed a pre-tax loss of €606,000 for 2015.
The company’s revenues jumped by 18%, to €43.83m, last year — boosted by a rival exiting the Irish cash in transit market, allowing G4S to capture “a large element of the remaining business”.
In the accounts, the company’s directors said it continues to operate in a challenging competitive environment where cost control is vital to ensure that the ongoing recovery of the trading performance is sustainable.
“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 added.
Last year, G4S Ireland’s operating profits increased by 110% to €2.3m.
As of the end of the year the firm had shareholder funds of €11.7m following a shareholders’ deficit of €989,000 in 2015.
The strengthening of the company’s balance sheet followed a cash injection of €12m from the company’s parent during the year. The Irish arm’s cash pile fell from €48.93m to €37.88m.
Regarding growth opportunities, the company’s directors said: “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.”
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