Olympic security shambles costs G4S £50million

BUNGLING Olympics security firm G4S has admitted it lost around £50million thanks to its Games failures.

The company is carrying out an internal review after failing to provide all of the 10,400 contracted guards for London 2012.

The shambles meant the Government was forced to ask the Army to step in at the last minute.

The group said it had delivered 83 per cent of contracted shifts and that it was confident the Paralympic Games would be fully staffed with a security workforce.

Its half-year results revealed a significant drop in pre-tax profits to £61million from £151million a year earlier, although profits were held flat on an underlying basis after sales increased 5.8 per cent to £3.9billion.

But despite the failures, bosses at G4S said they had not lost out on taxpayer-paid contracts.

Losses ... firm is carrying out internal review

Chief executive Nick Buckles insisted the group would continue to play a “major role” in the public sector, with an overall £3.8billion-a-year contract pipeline.

He said: “We were deeply disappointed that we had significant issues with the London 2012 Olympics contract and are very grateful to the military and the police for their support in helping us to deliver a safe and secure Games.

“Clearly it is a big setback and we need to rebuild the brand over the coming months and years.”