The success of the company in Latin America contributed to the growth in turnover, compensating for the difficulties the company faced on extended markets such as Spain.
Madrid, October 27, 2011 – Prosegur's third-quarter earnings confirm the Company's solid growth trend, with sales totaling € 2.03 billion, an 8.2% increase compared to the same period in 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% compared to 2010, to reach €1.071 billion. This compensates for the difficulties faced by the company in large markets such as Spain, due to the economic crisis.
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 totaled €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 respect, the Company invested €71 million in the first nine months of the year.
An integrated security product
All of the above prove the success of the business model in Integrated Security Solutions developed by Prosegur, as well as its commitment to organic and inorganic growth, which allows it to hold a reference position worldwide in the industry.
Prosegur has a clearly differentiated strategy: close proximity to the customer, excellence and quality in service in addition to a sound financial position. Prosegur has three business units: surveillance, transportation of valuables and cash processing, and electronic security.
Thus, in September 2011, Prosegur's Surveillance business had a turnover of € 997 million, a 5% increase over last year’s same period. This was due especially to the improvement in the Latin American business, where sales grew by 17% 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% increase over last year’s same period. By geographical area, business in Latin America grew by 16% to € 635 million, while in Europe it has dropped 1% as a result of bank branch closures.
