Shares in global security firm G4S lifted today after it revealed revenues rose nearly nine per cent in the first quarter.
In a trading update for the three months ended 31 March, G4S said continuing businesses revenues increased 8.9 per cent. The group said trends will continue from 2016, with double-digit organic growth in developed markets and revenues broadly unchanged in emerging markets.
The FTSE 250 firm's shares had risen 3.82 per cent to 326.5p at the time of publishing.
New contract wins and a strong pipeline give confidence to G4S's expectation of average revenue growth in the range of four to six per cent per year, the group said.
The UK-based company realised $56.5m (£43.8m) in the quarter from the sale of its US youth services business, as part of a larger turnaround programme.
Chief executive, Ashley Almanza said: "In line with our expectations, the group had a strong start to the year, with the momentum from 2016 continuing into the first quarter of 2017."
Analysts at Bank of America said G4S offers some of the highest organic growth in the business services sector. "Security is a growth industry and one where the larger players are increasingly taking share as traditional manned guarding shifts towards a 'security solutions' model."
The company is achieving good growth across all regions except the Middle East and India, which remain challenging.
Read more: G4S shares rocket on positive results