The security firm G4S fights against the reduction of cash and protection officers become redundant
- The company transports, processes and secures cash for companies and banks
- But it is at risk from the increasing use of plastic in developed markets
- The company has a growing arm of & # 39; cash technology & # 39; which is growing rapidly
- Overall, G4S profits fell 36% from £ 219m to £ 139m during the first six months
City and Finance Reporter for the Daily Mail
The security firm G4S is fighting the decline of cash.
The company transports, processes and secures cash for companies and banks around the world, but is at risk from the increasing use of plastic in developed markets.
In short, that means there are fewer services for security guards.
The security firm G4S fights the decline of cash
The heads of G4S said: "To ensure critical mass and economies of scale, we focus on the markets where we have, or can build, a number one or number two position in the market."
The company has a growing arm of "cash technology" that runs services, such as smart safes, to help large retailers process their payments more quickly.
He considers that the profits of that arm will soon be able to surpass his traditional cash business.
Its cash processing facilities are now installed in more than 21,500 locations worldwide, an increase of 10 percent. Sales of the cash business fell 13.4 percent from £ 647 million to £ 560 million during the semester.
The company has a growing arm of "cash technology" that runs services, such as smart safes, to help large retailers process their payments more quickly. He considers that the profits of that arm could soon surpass his traditional cash business
Overall, G4S profits fell 36 percent from £ 219 million to £ 139 million during the six months to June 30. Sales fell 7.5 percent to £ 3.7bn.
Last year's figures were increased thanks to sales of parts of the business, including in Israel and Bulgaria, which generated around £ 68 million.
With the single costs and the income eliminated, the earnings before taxes fell from £ 163 million to £ 158 million.
The bosses have spent £ 28 million over the past two years on the restructuring and expect to spend up to £ 16 million before the end of the year.
They are trying to cut costs to save up to £ 100 million by 2020 and say that savings will start contributing to profits for the second half of the year.
Chief Executive Ashley Almanza said: "Our contract wins and the strong retention rate in the first half of 2018 provides a good boost in revenue."