ArmorGroup International Plc, provider of defensive protective security services today announced its unaudited interim results for the six months ended 30th June 2006
In a statement ArmorGroup reported that revenue had increased 30% up to $134.4 million, with non Iraq revenues increasing 57% to US$64.1 million.
Although revenue has increased for the Group, operating profit and pre tax profit both dropped to $4.3 million and $3.7 million respectively. The 2005 figure for both was $4.7 million.
ArmorGroup also announced some of the new contracts and extensions it had secured, protective security for the World Bank HQ in Kabul, Explosive Ordnance Disposal training for NATO and US Department of Defense units, and a land mine survey and clearance programme to support the UN mission in South Sudan.
The Chief Executive Officer, David Seaton said in a statement: The Group has achieved strong revenue growth over the first half, and we are encouraged by the significant growth outside Iraq. Weak training revenues and increased competition in Iraq have hampered margins and have led to operating profits falling 9% compared to the same period last year.â€
â€œWe continue to pursue an increasing number of diverse opportunities as we continue to develop a strategy which will allow us to build long term, sustainable revenues with improving operating margins.