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LONDON, Aug 28 (Reuters) - Security firm G4S G4S.L said it would sell businesses and issue new shares to strengthen its balance sheet, allowing its new boss to focus on overhauling the sprawling company and improve its battered reputation.

G4S, which has endured a torrid near two years including an aborted takeover of Danish cleaning firm ISS, a botched contract to staff the 2012 Olympics and a profit warning in May, said it would place 140.9 million new ordinary shares representing up to 9.99 percent of its existing share capital.

Net debt stood at 1.95 billion pounds ($3 billion) at June 30.

The move came as new Chief Executive Ashley Almanza said the company posted a first half operating profit of 201 million pounds on Wednesday, down from a restated 202 million pounds a year ago.

Revenue grew 7.2 percent to 3.65 billion pounds but was offset by a fall in its operating margin from 5.9 percent to 5.5 percent year on year, due to a lost prison contract in the Netherlands and squeezed pricing in the UK and Europe.

($1 = 0.6435 British pounds)

(Reporting by Neil Maidment, Editing by Brenda Goh)

((neil.maidment@thomsonreuters.com)(+44)(0)(207 542 2292)(Reuters Messaging: neil.maidment.thomsonreuters.com@reuters.net))

Keywords: G4S/RESULTS