G4S Chief Executive Officer Ashley Almanza said, "This has been an extremely challenging year for G4S. We have taken clear action to address longstanding issues and have introduced wide ranging changes to strengthen our business. We can now look to the future with increasing confidence, focusing on the growing demand for G4S services that underpins our plans to deliver sustainable, profitable growth."
Financial highlights:
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Underlying revenue growth of 5.8%, organic growth of 4.7%
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Strong growth in emerging markets, revenues up 16%
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Growth of 2% in the UK & Ireland unchanged in North America, down 2% in Europe
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Total PBITA before specific items was 6% lower at £442m (2012: £470m). On an underlying basis, PBITA was up 2.8%.
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Specific items of £386m comprised:
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A global review of contracts, including a provision for the UK Electronic Monitoring contract, resulted in a £136m pre-tax charge
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A review of the group's assets and liabilities at the half year resulted in a one-off charge of £132m to PBITA. Completion of this review resulted in a full year charge of £182m
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Accelerated restructuring programme for 2013/14 with related charge of £68m
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Underlying EPS was 14.7p (2012: 15.8p) reflecting increased finance costs, higher effective tax rate and increased numbers of shares in issue
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Cash generated by continuing operations rose by 36% to £460m (2012: £337m)
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Financial position strengthened. Net debt of £1.5bn at year end (2012: £1.8bn)
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Portfolio management: proceeds of £124m: £35m to year end, £89m post year end
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Final dividend unchanged at 5.54p DKK 0.4954, total dividend for the year of 8.96p (2012: 8.96p)
