Connect with us

Business

G4S insists it will report increased profits for 2020 despite pandemic

Published

on

g4s insists it will report increased profits for 2020 despite pandemic

G4S bolstered its defences against suitors from Canada and the US by saying it will report increased profits for 2020 despite the coronavirus pandemic.

Bosses at the security group are fighting to fend off a hostile takeover bid from the world’s largest private security firm Garda World, which has offered 190p-per-share, or £3billion. 

G4S has also been approached by American rival Allied Universal.

G4S bosses are fighting to fend off a hostile takeover bid from the world’s largest private security firm Garda World, which has offered 190p-per-share, or £3bn

G4S bosses are fighting to fend off a hostile takeover bid from the world’s largest private security firm Garda World, which has offered 190p-per-share, or £3bn

Yesterday the firm posted ‘robust’ results, saying it will improve on last year’s £27million pre-tax profit despite revenues dropping 2 per cent.

It boasted it had retained and won contracts, handing it annual revenues of £2billion, and that the results, covering the nine months to September 30, ‘demonstrated the strength of the business’.

Chief executive Ashley Almanza said: ‘The benefits of our strategy, strong execution and rapid response to Covid-19 continue to be reflected in the results during 2020.’

Garda World hit back saying the update ‘conceals more than it reveals’. 

A spokesman added: ‘G4S congratulates itself for ‘retaining new contracts’ but makes no mention of the quantum of contract losses.’

This post first appeared on dailymail.co.uk

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ITV, KPMG and Diageo are among 20 top firms in race pledge

Published

on

By

itv kpmg and diageo are among 20 top firms in race pledge

ITV, KPMG and Diageo are among 20 top firms pledging to have at least one ethnic-minority director on their boards by 2024. 

The group, which also includes PwC, Axa and Pearson, will publish a plan to increase diversity at the highest levels and disclose the ethnicity pay gap within two years as part of the Confederation of British Industry’s Change the Race Ratio campaign. 

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

Change: ITV is part of a group that will publish a plan to increase diversity at the highest levels

A report in February found 37 FTSE 100 firms had no black or ethnic-minority directors. 

This month, Legal & General, one of Britain’s biggest institutional investors, told FTSE100 firms with all-white boards it will vote against them unless they hire an ethnic-minority director within 15 months.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on dailymail.co.uk

Continue Reading

Business

Outsourcer Capita accused of destroying property firm

Published

on

By

outsourcer capita accused of destroying property firm

Capita may be forced to sell a prestigious property developer at a loss following allegations that its bosses ‘destroyed’ the company. 

The outsourcing firm bought GL Hearn, which has worked on the regeneration of Swansea city centre and the expansion of Luton Airport, in a deal worth up to £30m in 2015. 

Bosses said it would be a ‘transformative’ addition to the company – but it is now thought the firm will fail to recoup its investment. 

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

Under the microscope: Capita bought GL Hearn in a deal worth up to £30m in 2015

GL Hearn is one of half a dozen or so businesses Capita intends to offload to raise £200m – including its events and translation divisions. 

The Mail understands that the sales process has been put on hold temporarily – but the businesses are still earmarked for disposal. 

Alarm bells began ringing at GL Hearn last year when a string of senior employees, including the planning director and head of strategic planning, left for rival firms. 

In October an entire team of nine town planners quit to join rival Knight Frank. 

Capita, which collects the BBC licence fee and runs the London congestion charge, has been accused of turning the firm into a ‘sinking ship’. 

One employee, who claimed to have worked for the developer for three years, said: ‘It has been eviscerated following its acquisition and mismanagement by Capita.’ 

Another said it had been a ‘very good multi-disciplinary consultancy with an enviable reputation’ but was ‘a rump of its former self’ and ‘unsalvageable’ after Capita ‘destroyed the company for good’. The allegations were made on the Glassdoor website, where employees can leave reviews of their workplaces. 

Capita has issued a string of profit warnings in recent years and made a £62m loss in 2019. It has suffered under the pandemic, taking a 10 per cent hit to revenue in the first half of 2020. 

It recently sold Eclipse, its legal software business, for £56.5m and may flog its education software arm, ESS, which helps schools record student attendance, manage lunch payments and keep in touch with parents, for up to £500m. 

The sale plans are the result of a tricky restructuring initiated by chief executive Jon Lewis, who took over after predecessor Andy Parker was ousted, to move the company away from low-value, labour-intensive contracts to more lucrative hi-tech work. 

Capita declined to comment last night.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on dailymail.co.uk

Continue Reading

Business

Britain on brink of double-dip recession due to Covid

Published

on

By

britain on brink of double dip recession due to covid

Britain is on the brink of a double-dip recession because Covid restrictions are ‘squeezing activity’, economists warn. 

They predict a GDP crash this winter as the second wave bites and jobs are lost. 

'Squeezing activity': Economists predict a GDP crash this winter as the second wave bites and jobs are lost

'Squeezing activity': Economists predict a GDP crash this winter as the second wave bites and jobs are lost

‘Squeezing activity’: Economists predict a GDP crash this winter as the second wave bites and jobs are lost

George Buckley, from Nomura, said the UK would experience a ‘lopsided W-shaped recovery’ with a ‘second, smaller dip in GDP over the winter’. 

Capital Economics said the economy was taking a worrying turn after purchasing managers’ index scores fell for two months even before restrictions ‘begin to bite’. 

Paul Dales, its chief UK economist, said: ‘The trajectory is worrying and suggests Covid restrictions in September are squeezing activity. It’s not looking good.’

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on dailymail.co.uk

Continue Reading

Trending

Copyright © 2020 DiazHub.