Costs of growth cuts into Garda World’s 2012 profit but revenue up 9.3 per cent
By The Canadian Press
Garda World Security Corp. says its annual revenue was up 9.3 per cent last year, but its profit fell due to costs associated with its growth initiatives.
The Montreal-based company provides cash logistics services, such as armoured car deliveries, as well as security guard services and airport passenger screening.
Garda says its revenue for the financial year ended Jan. 31 was $1.2 billion, up from $1.1 billion in fiscal 2011.
Its net income, however, dropped to $21.6 million, or 68 cents per share, in fiscal 2012 — down from $28.6 million, or 90 cents per share, in fiscal 2011.
On an adjusted basis, Garda World's profit was $23 million, or 72 cents per share.
Garda says the profit was affected by an increase in depreciation and finance costs associated with its growth investments.