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Securicor Results

by msecadm4921

The legal fallout from 9-11 continues to hang over security firm Securicor.

In its latest financial results, the group reported turnover for the year was œ1,400m, an increase of 23 per cent over the previous year, with profits also up to œ93m. However, exceptional charges came to œ81m – œ37.1 million related to goodwill impairment and restructuring in its US aviation screening business, œ36.3m for Securicor Information Systems, which Securicor is selling, and œ5.7m to the closure of SafeDoor, the failed service closed in 2002 that was to provide internet shoppers with transaction security. In the UK, Securicor Cash Services produced what the firm called another strong performance despite the continued high incidence of criminal attacks. A second supercentre was opened in Manchester with the third, in Belfast, due to open shortly. Securicor Cash Machine, which had 1,115 machines on its ATM network at the year end, invested in a new cash forecasting system. Securicor Cash Centres entered into new cash processing contracts with Alliance & Leicester, Clydesdale Bank and Lloyds TSB. As for what the firm calls the ?highly-competitive UK guarding market?, Securicor Security profits went up. Prestigious sporting contracts included the Wimbledon tennis championships and the Ryder Cup. National contracts included Safeway’s high-street stores and distribution centres. The firm adds: ?Foundations are now in place for the development of an integrated security proposition, offering customers a full range of security solutions. The first integrated security contract, worth œ2m a year, was signed with DHL. In a difficult environment following the terrorist events of 11 September 2001, Securicor Aviation had a solid performance, although it had to absorb increased insurance premium charges.?

Sued over 9-11

Securicor?s US subsidiary, Argenbright Security was responsible for passenger checkpoint security screening for two of the flights involved in the terrorist atrocities of September 11, 2001, being the United Airlines flight from Newark to San Francisco and the American Airlines flight from Washington to Los Angeles. The hijacked planes performing these flights crashed respectively in rural Pennsylvania and into the Pentagon, Washington. Argenbright is now being sued. Chairman Sir Neil Macfarlane said: ?The directors believe that, in respect of those two flights, Argenbright carried out its security screening services properly and in accordance with its contractual and regulatory duties and that it should have no liability for the losses which occurred subsequently. However, the events of 11 September were so extraordinary that it is impossible at this stage to state with certainty that no findings against Argenbright will be made.? Visit

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