Cancelled events during the coronavirus pandemic limited security demand
In 2020, G4S plc (G4S) reported declining revenue due to the global impact of the COVID-19 (coronavirus) pandemic. Following the onset of the virus, many countries around the world shut down nonessential activities and businesses in addition to imposing travel restrictions. Declines in events and travel throughout Europe and the Middle East resulted in declining demand for the company’s Secure Solutions business unit. Additionally, as consumer concerns heightened over the spread of the virus, decreased cash usage in the United Kingdom mitigated demand for G4S’s Cash Solutions operations.
COVIDIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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