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Securitas profit below expectations but plans profitability before market share


  

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Friday, 05 August 2011
Security giant Securitas reports a profit before tax of Skr 526 million for the second quarter of 2011. That compares with profit of Skr671 million in the corresponding periods of 2010.

Analysts had on average expected a profit of Skr604 million, according to Reuters consensuses.
Sales amounted to Skr15.6 million, compared with Skr15.4 million a year earlier.

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"In Security Services, Europe has seen the loss of a few large contracts, and difficulties in balancing wage cost and price increases resulted in an unsatisfactory development and measures taken to reverse the situation," writes CEO Alf Gļæ½ransson, commenting on the report.

Securitas will continue to give priority to profitability rather than market share, according to reports.
Securitas buys the Belgian security services Cobelguard for a not specified amount. The company has approximately 1,600 employees and annual sales of around Skr 535 million per year. It is mainly engaged in surveillance in Belgium, but also has operations in Luxembourg. Belgian competition authorities must approve the deal, according to a press release issued by Securitas.
By Scancomark.se Team


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