Organic Growth

Overall organic growth has been maintained at above 6%, with all business lines performing at that level.
Growth at Wackenhut in the US has continued to be strong at the double digit levels reported at the end of 2004
Overall growth in European manned security continues at a healthy 3% despite growth in Justice Services and UK Security being flat
Security Systems growth is relatively flat across Europe but strong overall

Margins
The group margin has increased by around 0.5% during the first four months of 2005 with improvements across all business lines.


Cash Services margins are particularly strong
Security Systems margins continue to improve across the division
Integration is proceeding well and it is expected that the 2005 full year financial impact of the synergies will be slightly ahead of that previously indicated


Operational Highlights

Wackenhut continues its strong growth across all sectors of its business and in April 2005 it was the first security company in the US to receive SAFETY Act certification from the US Department of Homeland Security
Integration of the UK security businesses and planning for UK security officer licencing are progressing well
The Cash Services business in Germany is much improved and is currently operating at around break-even
South Africa is on target for an improved performance in the second half of 2005


Management
The CEO succession announced at the time of the 2004 preliminary results becomes effective on 1 July 2005 when Nick Buckles succeeds Lars Norby Johansen and, at the same time, Grahame Gibson will be appointed as COO and will take over responsibility for the worldwide manned security businesses following his appointment to the Board in April this year.

Acquisitions & Divestments
A number of acquisitions have been made in 2005:

G4S Cash Services acquired Universal ATM Services Inc. in Canada in order to reinforce its position as the market leader in cash management and to expand its expertise in the ATM management area
G4S International (formerly SIVT) acquired OneService, a California-based shipper of diamonds and jewellery, to expand its market share and increase its global international valuables transportation coverage
G4S Security Services in Taiwan acquired Chubb Security from UTC to increase its market share across all security services in Taiwan

The divestment of the Falck Dutch manned security business has taken longer than anticipated due to the process stipulated by the European Commission. We now expect this divestment to be completed in the third quarter of 2005.

AGM & Dividend
The AGM will take place on 30 June 2005 and the final dividend of 1.85p (DKK0.1981) per share is proposed for payment on 12 July 2005.