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Securitas AB Interim Report January–September 2022

09 November 2022 16:08


July–September 2022

  • Total sales MSEK 36 013 (27 338)
  • Organic sales growth 7 percent (4)
  • Operating income before amortization MSEK 2 330 (1 605)
  • Operating margin 6.5 percent (5.9)
  • Items affecting comparability (IAC) MSEK –414 (–120), relating to the previously announced trans-formation programs and the acquisition of STANLEY Security 
  • Earnings per share SEK 2.46 (2.15)*
  • Earnings per share, before IAC, SEK 3.24 (2.34)*
  • Cash flow from operating activities 122 percent (75)

January-September 2022

  • Total sales MSEK 95 146 (79 651)
  • Organic sales growth 6 percent (4)
  • Operating income before amortization MSEK 5 542 (4 332)
  • Operating margin 5.8 percent (5.4)
  • Items affecting comparability (IAC) MSEK –774 (–515), relating to the previously announced transform­ation programs and the acquisition of STANLEY Security 
  • Earnings per share SEK 6.70 (5.44)*
  • Earnings per share, before IAC, SEK 8.15 (6.29)*
  • Reported net debt/EBITDA 5.8 (2.1), adjusted net debt/EBITDA ratio 4.0**
  • Cash flow from operating activities 66 percent (79)

*    Comparatives have been adjusted for the rights issue completed on October 11, 2022. For further information refer to Data per share on page 21.
**    Adjusted for rights issue proceeds received in October 2022 and including STANLEY Security’s 12 months adjusted estimated EBITDA.

Comments from the President and CEO

 “Strong perform­ance in the new Securitas”

The third quarter 2022 marks a major milestone as it is the first time we report as one company together with STANLEY Security. The most transforma­tive ­acquisition in Securitas’ history is concluded and was consolida-ted in Securitas as of July 22, 2022. 

We are facing a global environment with increasing uncertainty and we are, as always, continuously working to ­ensure preparedness and strength also in more challenging times.

The development in the third ­quarter showed continued strong ­demand. Organic sales growth was 7 percent (4), with growth in all business segments, supported by good momentum within technology and solutions sales and by high price increases. Security Services North America returned, as expected, to positive organic sales growth and reported 3 percent. STANLEY Security had mid-single digit estimated organic sales growth in the third quarter. 

Our investments in a stronger ­client ­offering are generating results with good commercial traction. We re-cently also renewed a significant global contract with expanded scope of services, reaffirming our position as the leading security solutions ­partner to many of the most well known brands ­world-wide.

Technology and solutions sales in the third quarter ­represented 30 ­percent (22) of Group sales and real sales growth excluding STANLEY Security was solid with ­double-digit growth throughout the business.

The operating result for the Group, ­adjusted for changes in exchange rates, increased by 30 percent in the third quarter with material contri­bution from the STANLEY Security acquisition and good development in the legacy business. The ­operating margin improved to 6.5 percent (5.9). Compared to the first half of 2022 the operating margin in the acquired STANLEY Security business improved as a result of pricing ­recovery, cost control and leverage, and initial ­execution on the value creation plan. 

Our operations in North America ­delivered margin ­improvement also excluding STANLEY Security, as did ­Ibero-America ­continuing the ­positive trend from previ­ous ­quarters. Europe improved with support from STANLEY Security, ­despite ­continued pressure from costs ­related to labor shortage and ­sick­ness. We have successfully managed a posi­tive price and wage balance in the Group and a continued dynamic price increase approach is key to ­ensure quality ­delivery to our clients.

The Group operating cash flow was 122 percent of operating result in the quarter and will continue to be an important focus area to reduce our leverage position after the STANLEY Security acquisition. 

We are now accelerating our journey with STANLEY Security. We have started to execute on our value creat-ion plan and are in line with plan in terms of ­synergy execution in the third quarter. 

Bringing together our two great companies gives us a leading position in the industry. Combining our talent and expertise sets us up for stronger growth thanks to an outstanding client offering and we expect significant margin enhancement opportunities going forward. Together we have great potential to provide tech-enabled security solutions that create long-term value for our clients and shareholders.

The transformation program in North America which was finalized in 2021, is delivering value in the ­day-to-day ­operations and is an ­important ­enabler of the positive operating margin develop­ment. We are ­executing the business transformation ­program in Europe, although temporarily at a lower pace, as we are currently ­calibrating the program with the STANLEY Security integration plan to ensure we are ­maximising the cost and benefit ­realization. The corres­ponding ­program in Ibero-America is ­progressing ­according to plan and we expect to ­realize financial and oper­ational ­benefits in the years to come. 

After the STANLEY Security acquisition, we announced new financial targets at the Investor update in August to reflect our ambition to build the new Securitas and achieve 8 percent operating margin by the end of 2025. Our strong perform­ance in the third quarter ­gives us confidence that we are on the right track. 

In October we completed the rights issue of MSEK 9 583 related to the STANLEY Security acquisition. The rights issue was well received and oversubscribed and I would like to thank all share­holders for your ­participation. 

Magnus Ahlqvist
President and CEO


Analysts and media are invited to participate in a telephone conference on November 8, 2022, at 2.30 p.m. (CET) where President and CEO Magnus Ahlqvist and CFO Andreas Lindback will present the report and answer questions. The ­telephone conference will also be audio cast live via Securitas’ website 

To follow the audio cast of the telephone conference via the web, please follow the link 

A recorded version of the audio cast will be available at after the ­telephone conference.

For further information, please contact:
Micaela Sjökvist, Vice President, Investor Relations + 46 76 116 7443


Securitas has a leading global and local market presence with operations in 47 markets. Our operations are organized in three business segments: Security Services North America, Security Services Europe and Security Services Ibero-America. We also have operations in Africa, the Middle East, Asia and Australia, which form the AMEA division. Securitas serves a wide range of clients of all sizes in a variety of industries and segments. Security solutions based on ­client-specific needs are built through different combinations of on-site, ­mobile and remote guarding, electronic security, fire and safety, and corporate risk ­management. We adapt our security solutions based on the risks and needs of each client through increased client engagement and conti-nuously enhanced knowledge. Securitas is listed in the Large Cap segment at Nasdaq Stockholm.

Group strategy
At Securitas, we are leading the transformation of the security industry by putting our clients at the heart of our business. We solve our clients’ security needs by offering qualified and engaged people, in-depth expertise and innovation within each of our protective services, the ability to combine services into ­solutions and by using data to add further intelligence. To execute on our strategy to ­become a security solutions partner with world-leading technology and expertise, we are focusing on four areas: Taking the lead within technology, quality guarding ­services focused on profitability, creating a global security solutions partner, ­leveraging a global platform to drive innovation.

Group financial targets
Securitas has four financial targets:

  • 8–10 percent technology and solutions annual average real sales growth
  • 8 percent Group operating margin by year-end 2025, with a >10 percent ­long-term operating margin ambit-ion
  • A net debt to EBITDA ratio below 3.0x
  • An operating cash flow of 70–80 percent of operating income before ­amortization

Securitas AB (publ.)
P. O. Box 12307, SE-102 28 Stockholm, Sweden

Visiting address:
Lindhagensplan 70

Telephone: + 46 10 470 30 00 

Corporate registration number: 556302–7241

Available documents
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