2012 will see G4S benefit from the Olympic Games ... Recent contract wins and extensions are expected to drive further top line growth, but following today’s guidance on borrowing costs, we would expect to see some modest downgrades to consensus earnings estimates.
ROBERT MORTON INVESTEC
Overall the group achieved a good level of organic growth in the period, even if results are behind our expectations. We will be reducing our forecasts for the current and next year by around three per cent.
CAROLINE DE LA SOUJEOLE | SEYMOUR PIERCE
The outlook statement is a mixed bag: the statement mentions good trading momentum, an encouraging outlook in secure solutions but no improvement in the outlook for the more cyclical Cash Solutions. Contract phasing and mobilization costs may impact margins in the short term although for the year as a whole they are expected to recover. On balance the positives outweigh the negatives with organic growth anticipated to be higher than the 4.5 per cent achieved in FY11.