Securitas Q2 core profit beat boosts shares
Updates shares and adds milestones in paragraph 2, adds details from statement from paragraph 4
By Agnieszka Olenska and Jesus Calero
July 30 (Reuters) -Sweden's Securitas SECUb.ST, one of the world's largest security services providers, reported a 6.9% rise in its second-quarter core profit on Tuesday, slightly above expectations, led by improved margin development in its European operations.
Its shares rose nearly 6% to 116.55 Swedish crowns following the release, their highest intra-day price since December 2021, and were among the best performers on the European benchmark STOXX 600 index .STOXX.
Securitas' operating earnings before amortisation (EBITA) rose to 2.80 billion Swedish crowns ($259.6 million) in the quarter, from 2.62 billion a year earlier. That beat analysts' average forecast of 2.77 billion crowns in a poll provided by the company.
The group added it was on the right track to achieve its target for an 8% operating margin by 2025.
The 2022 acquisition of Stanley Security brought technology solutions into Securitas' staff-intensive offering, but it came with a significant debt the company has been seeking to reduce in recent quarters.
"Two years after the acquisition our global Technology business is stronger than ever before," Securitas said in a statement.
Organic sales in the Technology business grew 8% in the second quarter, contributing to 5% organic growth at the group level, also above expectations.
Securitas noted an improved operating cash flow after a weak first quarter, paving the way for a strong full-year performance in 2024.
($1 = 10.7861 Swedish crowns)
Reporting by Agnieszka Olenska and Jesus Calero in Gdansk; Editing by Milla Nissi
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