G4S, the security giant at the centre of recent takeover interest, has posted first quarter revenue growth and said it is making progress in the separation of its cash business.
Revenues for the first quarter to March 31 rose 4.8% on the back of growth across all regions and divisions.
Its secure solutions division, the company’s largest area, delivered 4.9% revenue growth propelled by large rises in Africa and the Americas, up 9.3% and 8.5% respectively.
Revenues from its cash solutions business rose 4.4% as it was buoyed by more than 30% growth in its North America retail cash business.
The company announced in December it was looking to split off its cash business to focus on its security operations.
Last month it said it received interest from potential bidders over the unit.
It has made “good progress” in its separation review intended to establish two independent businesses, G4S group chief executive Ashley Almanza said.
During the first quarter of the year, G4S also sold a parking-management business in Estonia for £5 million.
The business generated £6 million in revenues last year, it said.
Mr Almanza added: “Our sales wins in the second half of 2018 provided a good start to 2019.
“This momentum, together with growing technology-enabled services in both our cash and security businesses, underpins a positive outlook for the Group.”
Shares in G4S surged last week after Canadian security firm Garda World confirmed it is considering a takeover of the British firm.
Garda said it was in the preliminary stages of considering an approach to the board of G4S regarding a possible cash offer, driving shares up 24% on Wednesday April 10.
G4S shares rose 2.3% to 235.3p in morning trade.