Chubb plc, the worldwide security services provider, has posted strong financial results for the year ending 31 December 2001 – a year in which total sales rose to £1,500.6 million, an increase of 9% on the previous 12 months.
Operating profits are up 8% at £150.3 million, while cash flow from operations doubled to £154.6 million. Chubb grew the electronic security segment of its business by 18% over 2000, a division which now accounts for 50% of the company’s entire business.

The previously announced programme to discontinue a number of loss-making contracts in its manned guarding business – Chubb Security Personnel – has now been concluded, resulting in an £8 million reduction in sales when compared with 2000.

Adjusting for both this fact and the impact of acquisitions, organic growth was 5%.

The divisional profit of the UK business increased by 11% to £39.7 million (and by 12% on an organic basis). The increase was underpinned by an improvement in Chubb Security Personnel’s profitability and the benefits of prior year cost reduction programmes. Adjusted divisional margin improved by 1.3% to 9.4%.