April 16 (Reuters) - Britain's G4S (CO:G4S) GFS.L , which has been subject to takeover interest from Canada's Garda World Security, said on Tuesday it had made good progress in a review to separate its cash business and reported higher first-quarter revenue.
"The board believes that a separation has the clear potential to unlock substantial shareholder value," Chief Executive Officer Ashley Almanza said.
Revenue at the world's largest listed security company rose 4.8 percent from a year earlier, boosted by growth in its Secure Solutions and Cash Solutions businesses.