G4S has said that it recorded an increase of 2.8 per cent in its operating profits to $ 442 million as the company increased its business in the emerging countries.

The company said that it recorded a pre-tax loss of $170million after recording a $ 386 million of one-off costs and charges. Revenues of the firm recorded an increase of 5.8 per cent to $7.4billion. The earnings received a boost as the company acquired new units and expanded its presence in the emerging markets.

G4S was accused of charging for offenders who had been released, were in prison or had even died. The company had agreed to offer compensation of £24.1million however the Secretary of State for Justice, Chris Grayling released the details of a £108.9million settlement.  The company generates about £750million of its revenues from the government contracts but the company has not been cleared for bidding for government contracts following the scandal.

Chief executive Ashley Almanza called 2013 "extremely challenging" year and said that the company has taken steps to address long-standing issues and have introduced wide-ranging changes. He said that he hopes that he hoped that the "the conclusion of this matter, together with the actions we are developing on corporate renewal, will enable us to maintain our position as a strategic supplier to Government".