G4S Chief Executive Officer Ashley Almanza said, "The group made good progress with its strategic plan, delivering commercial, operational and financial progress during 2014. This is reflected in a 7.9% increase in underlying PBITA and a 11.7% increase in underlying earnings and a 25% increase in cash flow from the group's operating businesses. The group's progress and prospects are reflected in the board's recommendation to increase the final dividend by 5%. There remains much to be done to realise the full potential of our strategy and we expect to make further progress in 2015."
Financial highlights on an underlying basis:
- New contract sales achieved a total value of £2.1 billion (annual value £1.14 billion) and contract retention rates remained at approximately 90%. Sales pipeline replenished to stand at £5.5 billion annual contract value.
- Revenue from continuing operations of £6,750 million up 3.9%
- Emerging markets revenues up 8.9% to £2,398 million
- North America up 6.9%; UK and Europe down 1%
- PBITA increased by 7.9% to £424 million (2013: £393 million)
- Emerging markets up 10.3% to £192 million
- Developed markets up 12.3% to £292 million
- Earnings of £210 million (2013: £188 million), up 11.7%
- Cash from the group's operating businesses was £526 million (2013: £420 million) up 25%. Total cash flow from continuing operations was £553 million (2013: £496 million)
- Specific items include:
- Earnings of £210 million (2013: £188 million), up 11.7%
- £45 million increase in provisions for legacy UK Government contracts
- Restructuring charge of £29 million
- Profit on disposal from discontinued operations of £71 million
- Net debt at 31 December 2014 was £1,578 million (2013: £1,552 million)
- Final dividend recommended to be increased by 5% to 5.82p/share (DKK 0.6041)
- Net debt at 31 December 2014 was £1,578 million (2013: £1,552 million)
