UPDATE 2-Securitas shares down on gloomy outlook

Wed Nov 11, 2009 12:02pm GMT
 
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* Slow recovery seen for 2010

* Q3 EBITA 944 mln SEK ($137 million), forecast 940 mln SEK

* To speed up acquisitions

* Shares fall 2.0 percent

(Adds further details, quotes from concall)

By Katarina Gustafsson and Mia Shanley

STOCKHOLM, Nov 11 (Reuters) - Security services firm Securitas (SECUb.ST) on Wednesday forecast a gloomy 2010 marked by slow recovery as customers slashed spending, particularly in North America.

Third-quarter earnings were in line with forecasts but the firm, which provides security and monitoring services at airports, banks and shopping centres, said it would remain in recession for some time to come.

"They reported a very strong margin in the quarter but weak growth, and the outlook is for continued weak growth and some uncertainty about the improvement in margins, so that's why the share price is a bit down," said an analyst who asked not to be named.  Continued...

 

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