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Garda 2010 profit tops $28-million Add to ...

Growth in its businesses and improved efficiencies have helped security service provider Garda World Security Corp. post a record annual profit of $28.6-million, the company said Thursday.

Montreal-based Garda, which operates armoured trucks and provides cash logistics services to the banking industry and provides security at Canadian airports, said its annual earnings amounted to 90 cents per share, compared to a year-earlier loss of $35.3-million or $1.12 per share.

Full-year revenues rose to $1.12-billion from $1.08-billion.

"During the year, we have seen dramatic evidence of the effectiveness of the platforms we have diligently built and improved during previous years," CFO Patrick Prince said in a statement.

"Our strong performance is driven through continuous benchmarking of profitability levels throughout all our businesses."

Fourth-quarter net income rose to $10.7-million or 33 cents per share from a year-earlier loss of $40.4-million or $1.28 per share. Revenue during the period was $285.7-million, up from $267.5-million in the same quarter of 2010.

Shares in Garda World were up 65 cents or 6.4 per cent at $10.75 in early trading on the Toronto Stock Exchange.

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