These results were something of a rehabilitation for G4S (GFS). After a difficult 2013, marred by the prisoner-tagging scandal and heavy provisioning, the first-half was mercifully normal. Organic revenue growth reached 4 per cent and the absence of large exceptional costs helped lift the group back into pre-tax profit. Underlying earnings rose 4 per cent to 5.6p a share, a performance described by chief executive Ashley Almanza as "satisfactory".
G4S secured £1.2bn-worth of new contracts, too, which was up a quarter from last year. Mr Almanza said the conversion of prospects in the pipeline had been "quite exceptional". He pointed out that the pipeline had also been replenished so that it still stands at a healthy £4.9bn. That's a considerable increase from £3.5bn at the end of 2013.