Security firm G4S has posted a 63% fall in profits over higher costs related to lawsuit settlement plus the company faced a charge for pension equalisation regulation.
G4S posted pre-tax profit of £143m in 2018 compared to £387m the previous year, this includes a £100m provision to settle a class action case in California.
The security company were taken to court over labour conditions, G4S paid out £35m charge for equalisation benefits over historical pension obligations in the UK.
Revenue was down 4% to £7.5bn and underlying pre-tax profits fell by 1.1% to £272m.
Chief executive Ashley Almanza was positive about the group’s outlook.
He said: “Our sales wins in the second half of 2018 have underpinned a good start to the year and this, together with growing technology-enabled services in both our cash and security businesses, supports a positive outlook for 2019.
“We believe that the potential separation of the Cash Solutions business will provide G4S with the strategic, commercial and operational focus needed for the next stage of the successful development of both the Cash Solutions and Secure Solutions businesses.”
