(Reuters) – Sweden’s Securitas reported fourth quarter core profit above market expectations on Thursday, mainly driven by its security services business in Europe.

The group, one of the world’s largest security services providers, said its quarterly operating earnings before amortisation (EBITA) rose to 3.04 billion Swedish crowns ($278.5 million) from 2.68 billion crowns a year earlier.

That beat analysts’ average forecast of 2.98 billion crowns in a poll provided by the company.

Securitas said it was on track with its strategic plan and remained committed to its operating margin target of 8% by the end of 2025.

The acquisition of Stanley Security, which Securitas closed in 2022, added technology solutions exposure to its staff-intensive offering, but also loaded it with significant debt that it has been seeking to reduce in recent quarters.

“Late in the fourth quarter, we signed a put option agreement to divest our airport security business in France due to the limited opportunity to pursue our long term strategy at a healthy financial performance,” CEO Magnus Ahlqvist said in the statement.

($1 = 10.9149 Swedish crowns)

(Reporting by Jesus Calero and Agnieszka Olenska in Gdansk; Editing by Milla Nissi)