Securitas dragged down by Loomis

Profits at Swedish security giant Securitas increased marginally in the first quarter, figures released on Monday showed.

Cash handling division Loomis was the worst performing division, and the parent company announced on Monday that a plan to list Loomis would be put on hold.

Securitas pre-tax profits from January to March were 670 million kronor ($98 million). Profits in the same period last year were 665 million kronor. Analysts had on average expected profits of around 700 million kronor, according to a Reuters survey.

Turnover at the company was 15.2 billion kronor, compared with 14.9 billion a year earlier. When the effect of currency fluctuations and sales and acquisitions were excluded, growth stood at 5 percent, which is the same result as last year.

British-based Loomis Cash Management dragged the company’s results down, Securitas wrote in the report.

New CEO Alf Göransson said he plans to review the company’s strategy for the next few years. His conclusions will be presented to shareholders in August, at the same time as the second quarter report.

The markets were unimpressed by Securitas’s performance. The company’s share price fell by more than 4 percent during morning trading.