G4S shares dip as revenue falls

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G4S shares (LON: GFS) dipped 2% on Wednesday’s opening after the group reported a fall in revenue for the first nine months of the year.

Revenue fell 2% over the period, however, the group saw profits for the same period ahead of last year thanks to “tight direct and indirect cost control and reduced interest costs.”

“G4S today is a focused global business delivering integrated security solutions which combine our risk consulting, security, technology and data analytics capabilities,” said chief executive, Ashley Almanza.

“The benefits of our strategy, strong execution and rapid response to Covid-19 continue to be reflected in the group’s results during 2020 with resilient revenue, earnings and cash flow.

“I would like to thank our customers and employees for their commitment to G4S during these challenging times,” Almanza added.

The group is currently in a hostile takeover bid with Gardaworld. Gardaworld has appealed to G4S shareholders by and has criticised the firm’s directors and accused them of acting in a “cavalier manner” after directors have rejected several approaches in recent months.

G4S shares (LON: GFS) have recovered and are steady at 209,70 (1037GMT).