Security group G4S (GFS) has seemingly shrugged off the challenges it faced in recent years - at least, to a degree. Revenues improved in every region, led by North America, which saw organic growth of 12.4 per cent. In addition, new contracts valued at £2.5bn were secured, while the contract retention rate was sustained at around 90 per cent. Prospects for new business look encouraging, with the pipeline rising to £6.8bn, from £5.7bn at the end of 2015.
Another 12 businesses were hived off in 2016, forming part of the 60 that have either been sold or exited since 2013, as part of the portfolio management programme. Proceeds from disposals reached £82m for the year, up from £14m last year. Net debt reduced by 6 per cent over the year, in spite of adverse currency movements in dollar and euro debts. This brings the group to a 2.8 times net debt-to-cash profits ratio, a significant improvement on last year's 3.4 multiple and on track for its target of 2.5 by the end of 2017.