Stockholm — Security services firm Securitas yesterday 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 at airports, banks and shopping centres, said it would remain in recession for some time.

"They reported a 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," one analyst said.

Securitas in July acquired the security services company MKB Tactical in SA.

Securitas' shares were down nearly 2% by midday yesterday at 68,25 krona, underperforming a 0,7% rise in the wider market in Stockholm.

CE Alf Goransson said Securitas was in "recession mode" and would be throughout next year as customers delayed spending.

Its earnings before interest, tax and amortisation rose to 944-million krona in the third quarter.