G4S shares soar as it hails progress and prospects

G4S shot to the top the shares leaderboard today after revealing stronger-than-forecast sales growth.

Revenues for the first nine months of this year were 5.7% ahead of last year and cash flow, the amount of money thrown off by its multinational contracts, was up 60%.

The shares rocketed 8.3%, up 18.4p to 238.50p, taking them to their highest this year.

G4S is the world’s biggest security firm, with a strong US presence, but a string of contract fiascos, including charging the Government for tagging non-existing prisoners, had damaged its reputation, sending it out of the FTSE 100 after the shares fell.

Chief executive Ashley Almanza said: “We still have a long way to go to realise the full potential of our strategy and we are encouraged by the group’s progress and prospects.”

Debt levels are on track to hit targets by the end of next year, it added.

G4S has a lot of debt in non-sterling currencies but the devaluation of the pound will also have helped the group as three quarters of income comes from outside the UK.