- Security company G4S reported Thursday a plunge in first-half profits and lower revenues as restructuring costs and poor performance in the Europe & Middle East and the Americas weighed.

For the six months to 30 June, reported profit before tax fell 36.5% to £139m from £275m a year earlier, revenue fell 7.5% to £3.67bn and operating profit fell 29.8% to £193m.

The company blamed the performance on restructuring costs, poor trading in the Europe & Middle East Secure Solutions region, and increased business development and operating costs in the cash solutions division.

Profits were also weighed down by an £8m hit from sold businesses.

The company said, however, that momentum should pick up during the second half of the year.

'Our contract wins and strong retention rate in the first half of 2018 provide good revenue momentum and this, together with an improving sales mix and planned productivity benefits in the second half of the year, underpins the Group's positive outlook for the full year,' said G4S Group Chief Executive Officer, Ashley Almanza.

At 10:15am: [LON:GFS] G4S PLC share price was -19.95p at 262.05p

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