Global smart metering and securities group G4S, which secured a £12m smart metering contract with British Gas this year through its Utility Services unit, plans to make acquisitions in Brazil and China in the coming year.
G4S CEO Nick Buckles said the company is looking to spend £200m on acquisitions in emerging markets after Latin America drove a nine per cent growth in its profits in 2010.
A source close to the company was not able to say what proportion of the investment may be spent on smart grid-related services, but told NewNet that a majority of the money would be spent on reinforcing the group’s core securities capabilities.
The company reported its sixth consecutive year of revenue, profit and dividend growth in 2010, since it was formed in 2004.
It experienced 2.1 per cent turnover growth in 2010, representing a slowdown on 2009, in which it experienced a 3.7 per cent increase in turnover. The group’s turnover reached over £7.39bn in 2010, while it generated £442m in cash flow.
G4S Utility Services signed a multi-million pound contract with mobile network operator O2 in February to simplify the remote management and monitoring of the company’s national smart meter network.
G4S invested £65m in acquisitions to consolidate its position in Latin America in 2010, marking its entry into the Brazilian market.
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