Gardaworld records best year ever
MONTREAL – Garda World Security Corp. says it recorded its best year ever driven by U.S. economic growth, continued organic growth in Canada, and major contract wins in the Middle East and Africa.
Cash Services North America
The Cash Services division continued to perform well, with organic growth of ~4% in Q4 2019 in the U.S., and growth of ~8% in Canada for the same period.
The firm also says its Cash Services operations piloted night service in the U.S.
Security Services North America
In Q4 2019, the core security services business continued to experience double-digit growth, with Canada and U.S. growth for the fourth quarter of ~12% and ~28%, respectively, fueled by contract wins.
Middle East and Africa Security Services
In Q4 2019, over $300 million in new contracts were awarded with diplomatic clients over the next four years, along with two contract wins with humanitarian organizations amounting to $50 million over the next three years, and three new contracts with oil & gas/infrastructure clients amounting to $50 million over the next three years.
“These are exciting times at GardaWorld with all of our businesses performing well. Significant contract wins, coupled with a strong focus on operational efficiencies, position GardaWorld well for strong organic growth in fiscal year 2020,” said Patrick Prince, senior vice-president and chief financial officer, in a prepared statement.
The financial data presented above are preliminary, based upon GardaWorld’s estimates and are subject to revision based upon the GardaWorld’s financial closing procedures and the completion of its financial statements. Actual results may be materially different from estimates.