Prosegur achieves growth with over €3b in revenue

Prosegur reported a sales increase of 7% to €3.368b in the first nine months of 2023.

The company experienced robust growth in all business sectors during a particularly strong third quarter, leading to an overall 32.4% expansion.

This positive performance offset the negative impact of currency fluctuations throughout the quarter and the entire nine-month period, reports Prosegur.

High operating efficiency

Prosegur‘s earnings before interest, taxes and amortisation (EBITA) reached €234m, reflecting a 12.4% increase, with the EBITA margin expanding to 7% and a net profit of €63m from January to September.

The company demonstrated high operating efficiency, with an operating cash flow of €154m, a 29.4% improvement in the third quarter of 2022.

As of September, the net financial debt remained stable at €1.251b, supporting strong organic growth over the nine-month period.

Prosegur received recognition, including the renewal of its BBB credit rating and stable outlook by Standard & Poor’s and joining BME’s IBEX ESG index group with an excellent rating.

According to the company, this underscores its dedication to maintaining the highest environmental, social and governance standards.

The progression of business line activities:

Prosegur Cash

Prosegur Cash reported an increase in sales, totalling €1.498b for January to September 2023.

The substantial 38.5% global organic growth successfully mitigated adverse currency effects, resulting in an EBITA of €206m, reflecting a 5.7% YoY increase and a margin of 13.7%.

The merger of Prosegur Cash and Linfox Armaguard in Australia marks a significant achievement in the country’s cash management.

Prosegur Security

Prosegur Security, the manned guarding and technology division of the group, disclosed sales of €1.652b in the third quarter of 2023, marking a 9% global increase.

Organic growth reached 25.9%, primarily fuelled by activities in the US, Spain and Brazil.

The division reported a substantial boost in profitability, experiencing 25.1% in growth, driven by the contribution of the US business, maintaining its leadership in gross margin generation.

Additionally, more than 32% of Prosegur customers have embraced various levels of hybrid security solutions, accompanied by an expanded portfolio of services offered to the market.

Prosegur Alarms

The alarms business demonstrated growth, with a 9% increase in the total number of connections, reaching 854,000 units compared to the previous year.

Among these, 478,000 connections belong to Movistar Prosegur Alarms and 377,000 are attributed to Prosegur Alarms, encompassing all operations outside Spain.

Prosegur Alarms achieved sales of €140m, showcasing exceptional organic growth of 53.4% during the specified period.

AVOS Tech and Cipher

AVOS Tech, Prosegur‘s dedicated business line focusing on process outsourcing and digital transformation, witnessed a noteworthy 8.4% growth in sales, reaching €68m.

Concurrently, Cipher, Prosegur’s cybersecurity unit, reported revenues of €11 million, reflecting a 5.9% increase compared to the corresponding period in the previous year.