Unless stated otherwise, all figures and commentary relate to underlying results, are unaudited and stated at average exchange rates for the nine months to end September 2020. All comparisons are with the first nine months of 2019 unless otherwise stated and are presented on a pro-forma basis that excludes all conventional cash businesses sold to The Brink's Corporation on 26 February 2020.
The Group's revenues have remained resilient through the first nine months of the year. Secure Solutions revenues, which account for 93% of Group revenues, remain broadly in line with 2019. Group revenues were just 2% lower overall and this was more than offset by tight direct and indirect cost control and reduced interest costs, the latter reflecting both refinancing benefits and the Group's improving net debt position. As a result, the Group's underlying earnings remain ahead of the prior year for the first nine months of 2020. Although the global economic outlook remains uncertain, the Group's performance in the first nine months demonstrates the strength of the business.
In the first nine months of 2020, G4S has retained and won new contracts with an annual revenue contract value of £2 billion, including the recently announced ten year, £30 million per annum contract to deliver custody and rehabilitation services at HMP Five Wells in the UK.
Since the end of the third quarter, G4S Retail Cash Solutions has commenced the roll out of our industry leading software-and-service solution to a new customer in the United States, one of the largest big-box retailers in the world. This significant new programme is expected to continue through 2021.
Commenting on the first nine months trading, G4S Group Chief Executive Officer, Ashley Almanza said: 'G4S today is a focused global business delivering integrated security solutions which combine our risk consulting, security, technology and data analytics capabilities. The benefits of our strategy, strong execution and rapid response to Covid-19 continue to be reflected in the Group's results during 2020 with resilient revenue, earnings and cash flow.
I would like to thank our customers and employees for their commitment to G4S during these challenging times'.
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G4S plc published this content on 14 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2020 06:09:03 UTC