(Reuters) – Britain’s G4S (CO:), which has been subject to takeover interest from Canada’s Garda World Security, said on Tuesday it had made good progress in a review to separate its cash business and reported higher first-quarter revenue.
“The board believes that a separation has the clear potential to unlock substantial shareholder value,” Chief Executive Officer Ashley Almanza said.
Revenue at the world’s largest listed security company rose 4.8 percent from a year earlier, boosted by growth in its Secure Solutions and Cash Solutions businesses.
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