Whitehall must overhaul public sector outsourcing in wake of failures, says think tank March 28, 2019 The government should rethink the way it outsources public services, but banning the practice would be “throwing the baby out with the bathwater,” according to research. In a report, Reform think tank has called for more training for civil servants who hand out public contracts to the private sector in the wake of a raft [...]
State will not give back control of G4S ‘war zone’ prison until summer February 12, 2019 A G4S prison that was in a state of crisis so acute the government had to step in and take back control last summer will not be given back to the firm for another six months, after concerns it remains too “fragile” to do so. HMP Birmingham was seized from the contractor in August when [...]
G4S shares down as it reveals $130m payout for class action lawsuit involving 13,500 employees January 23, 2019 G4S shares down after the company revealed late on Tuesday it has agreed a settlement of up to $130m in a class action against the firm in the US. The FTSE 250 company said its US secure solutions arm had agreed to settle the class action case, centring around claims for meal and rest breaks [...]
A year on from Carillion: 12 months that brought outsourcing to its knees January 15, 2019 On the anniversary of Carillion’s dramatic collapse, two more public sector outsourcing giants, Interserve and Kier Group, are up against the ropes. In the intervening 12 months, outsourcers have lurched from one crisis to another, with profit warnings, massive project failures and revelations of systemic late payment of suppliers. CityAM charts a year which [...]
Shares in G4S jump as its says it is considering spinning off cash division December 13, 2018 Shares in security company G4S spiked this morning after the company said it was considering spinning off its armoured cash truck business. Shares rose nearly 10 per cent to 201p this morning following the news. The company said it is "reviewing options" for the separation of its cash solutions business, following the establishment of a [...]
G4S revenue up as new contract sales reach £1.4bn August 12, 2015 G4S said revenues rose to £3.3bn in the first half of this year, thanks to new contracts and growth in emerging markets. G4S share price is trading 0.8 per cent down on the news at 264.9p. The figures The outsourcing giant reported underlying profit before interest, tax and amortisation of £193m in the first six months [...]
Bag being transported by G4S containing NZ$1m goes missing at Hong Kong International Airport July 23, 2015 Someone is surely in a lot of trouble (or somebody is very rich) after a bag containing NZ$1m (£425,000) went missing at Hong Kong International Airport, having fallen while being moved. The bag was being carried by outsourcing giant G4S (it of the botched Olympics security contract), which specialises in transporting valuable cargo. The company [...]
G4S scraps quarterly reporting to ease barrage of financials April 20, 2015 Security group G4S has scrapped quarterly reporting of its financials, taking advantage of rules which came into force last year to reduce the frequency of its publications. The firm said that its contracts and income flows tend to be relatively predictable. Instead, it plans to report its financial results every six months, and fill the [...]
G4S share price rises on back of higher profits March 10, 2015 The numbers Outsourcing firm G4S has reported a pre-tax profit of £148m for 2014 – up from a loss of £190m the previous year. Revenue climbed 3.9 per cent to £6.7bn while earnings per share increased to 13.6p from 12.9p. Profit before interest, tax and amortisation was in line with City estimates at £424m – 7.9 [...]
G4S share price plummets after fake press release “reveals” £400m profit overstatement November 12, 2014 Outsourcing firm G4S was the subject of a hoax press release yesterday, which falsely claimed that the company had overstated its profit by almost £400m. The firm’s share price dropped by more than 3.5 per cent around the time that the email was sent out. However, it recovered to finish up by more than two [...]