Press Room
Prosegur turnover exceeds €2.03 billion in Q3 2011
The Company's results in Latin America helped this growth in turnover overcoming difficulties faced by European markets.
Madrid, 27 October 2011. – Prosegur's third-quarter earnings confirm the Company's solid growth trend, with sales totalling €2.03 billion, an 8.2 percent increase compared to that from Q3, 2010. The geographical diversification strategy and the results from its international business have helped the growth of its turnover. In Latin America, sales rose by 17.5 percent more than in 2010, to reach €1.071 billion. The increase in revenues in Latin America helped this growth in turnover overcoming difficulties faced by European economies.
EBIT (earnings before interest and taxes) grew by 1.4 percent to €197 million. The consolidated net profit of Prosegur in the first nine months of 2011 totalled €116 million, representing an increase of 4 percent over the same period from 2010.
During the third quarter of 2011, Prosegur continued to implement its inorganic growth policy in order to consolidate its leadership in the markets where it operates. In this connection, the Company invested €71 million in the first nine months of the year.
An integrated security product
This growth confirms the success of the business model in Integrated Security Solutions implemented by Prosegur, allowing the Company to consolidate as a reference in all markets where it operates with a clearly defined strategy- close proximity to the customer, excellence and quality in service in addition to a sound financial position. Prosegur has three business units: Surveillance, Cash in Transit, and Electronic Security.
During the first nine months of 2011, Prosegur's Surveillance business had a turnover of €997 million, implying a 5 percent increase over those from last year’s same period. This was due to the improvement in the Latin American business, where sales grew by 17 percent to €342 million. In contrast, revenue in Europe and Asia were practically stable, falling 0.1 percent.
The Cash in Transit business posted revenue of €791 million in the third quarter of 2011, a 12 percent over those from last year’s same period. By geographical area, business in Latin America grew by 16 percent to €635 million, while in Europe it has slowed down its drop with a 1 percent on the back of bank branch closures.
Lastly, Prosegur's revenue in Electronic Security had a turnover of €242 million, an increase of 8.3 percent over the same period from 2010. By geographical area, the Latin American business reported 30.4 percent growth to total €94 million, while in Europe revenue totalled €148 million, down 2.2 percent compared with the third quarter of 2010. It is worth highlighting that the Electronic Security business now accounts for 15.5 percent of sales in Europe and 8.7 percent in Latin America.