Securitas AB Interim Report January–March 2010
| 4 May 2010
• Total sales MSEK 14,870 (16,425)
• Organic sales growth –1 percent (1)
• Operating margin 5.5 percent (5.3)
• Earnings per share SEK 1.24 (1.40)
• Free cash flow/net debt 0.35 (0.21)
COMMENTS FROM THE PRESIDENT AND CEO
The security industry has proven to be resilient in the recession, and to the extent it has been affected, it tends to be late cyclical. In the slow and fragile recovery in many of the world ¬economies, the demand for security services has not yet increased but it seems to have stabilized at present levels.
The Securitas strategy – to focus on profitability and to differentiate from competition by added value in optimizing the security solutions for the customers – has been ¬successful in different business cycles during the past few years. During the first quarter of 2010 the real improvement of the operating income continued, excluding exchange rate fluctuations, and amounted to 5 percent compared to the same period last year. Operating margins in all business segments were either flat or improved.
The organic sales growth in Security Services North America remained negative and is expected to stay weak during the first half year of 2010, due to reductions and losses of a few large contracts during primarily the second half of last year.
The opportunities for acquisitions continue to be favorable in both mature and new markets and we intend to remain active during 2010 and selectively take advantage of opportunities as they occur.
President and Chief Executive Officer
Please find the Securitas AB interim report January-March 2010 in the related column or click here.