Trends from the first half continued into the third quarter with continued strong performances in new markets and stable growth in developed markets.

An overview of the financial performance for the nine months to 30 September 2011 is as follows:

In the first nine months of 2011 overall revenues grew by 4% at actual exchange rates compared to the same period last year and by 5% at constant exchange rates. The group operating margin was slightly lower than the same period in 2010 at both actual and constant exchange rates.

Organic Growth

Overall organic growth was 5%,with 3% in developed markets and 9% in new markets.

• In secure solutions, organic growth was 5% helped by a continued strong performance in [UK integrated services] and new markets
• In cash solutions organic growth was 2% overall; New markets grew 10%; In developed markets growth was still negative, it improved compared to the first half of 2011

Margins

Overall margins were slightly lower compared with the same period last year.

• Secure solutions margins were up slightly, in line with performance in the first six months of 2011
• Cash solutions margins performed in line with the first six months of 2011 and were down slightly on the same period in 2010

Acquisitions & Divestments

During the first nine months of the year, G4S has invested £38m in deferred consideration in respect of prior year acquisitions and £38m in capability-building acquisitions such as surveillance, fraud, intelligence and investigations services, offender monitoring technology and coin management services.

Financial position

Our financial position continues to be strong and we remain on track to meet our cash conversion target of 85% of PBITA for the full year.