Securitas Q4 profit falls below expectations, dragged down by unit (updated)

Securitas AB

07/02/2024 07:50

(Adds profit margin, CEO comment and dividend in paragraph 4-6)
       STOCKHOLM, Feb 7 (Reuters) - Securitas  SECUb.ST , the
world's second-biggest security services group, reported on
Wednesday a rise in core profit that slightly lagged
expectations, as profitability ­was hurt by poor results in its
critical infrastructure services business. 
    Operating profit before interest, taxes, depreciation and
amortisation (EBITA) at the Swedish company rose to 2.68 billion
Swedish crowns ($255.70 million) from 2.49 billion crowns a year
ago.
    This was against an average analyst forecast of 2.75 billion
crowns in a poll provided by the company.
        The EBITA margin widened to 6.8% from 6.5%, lagging the
6.9% expected by analysts. 
  
        "The profitability was primarily hampered by negative
result development in the Securitas Critical Infrastructure
Services business and somewhat weaker performance in Europe,"
CEO Magnus Ahlqvist said in a statement.
  
        Critical infrastructure includes nuclear power plants,
oil and gas companies, and other power generation stations.  
  
    Securitas proposed a 2023 dividend of 3.80 crowns per share,
up from 3.45 crowns a year earlier and above the 3.77 crowns
expected by analysts polled by LSEG. 
        
  

 (Reporting by Marie Mannes. Editing by Essi Lehto and Gerry
Doyle)
 ((marie.mannes@thomsonreuters.com; +46 8 502 423 82;))