In the first quarter of 2012, overall revenues grew 7.5% at constant exchange rates compared to the same period last year, and grew 6.7% at actual exchange rates. As expected, profits were at similar levels to the previous year and the group operating margin was lower.

An overview of the financial performance for the three months to 31 March 2012 is as follows:

Organic Growth
Overall organic growth was strong at 7% (6% excluding the Olympic Games contract). Developing markets organic growth was 11% and for developed markets it was 4%.

• In secure solutions, organic growth was 7% with good performances in the UK, helped by the Olympic Games contract, continued strong developing markets growth and further improvement in North American commercial businesses and Continental Europe
• Cash solutions organic growth was 4%, with 10% growth in developing markets, and with progress made, but to a lesser extent, in developed markets, the low growth in developed markets was due to contract losses in the UK, which have since been replaced and added to with new contracts wins

Margins
Overall margins were down 0.4% as expected, due to contract start-up phasing in the UK cash solutions and government businesses and US government budgetary cuts.

Material Events, Transactions and Financial Position
On 20 April 2012, G4S raised €600m for five years in the public bond market, the proceeds of which will be used for general corporate purposes and to pay down short term bank borrowings.

There have been no other material events, transactions or changes in the financial position of the group since the 2011 annual results were announced on 15 March 2012 other than as outlined in this statement.

Outlook
As expected, organic growth has continued to improve in developed secure solutions markets and remains strong in developing markets. Based on recent contract awards, outsourcing trends and the group’s bid pipeline, the organic growth rate is expected to continue to improve during 2012. Contract phasing and the US government market will continue to impact margins in the short term but margins will improve in the second half of the year.

Download a copy of the transcript here from today's call.

Capital Markets Day
On 22 May, G4S will be holding a Capital Markets Day in London for analysts and institutional investors.

AGM & Dividend
The AGM will take place on 7 June 2012 and the final dividend of 5.11 pence (DKK 0.4544) per share is proposed for payment on 15 June 2012.

Results for the six months to 30 June 2012 will be published on 28 August 2012.