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G4S reveals $79 million Olympic security losses

  • U.K. security firm G4S has announced that failing to carry out its contract to provide security for the London Olympics has cost it $79 million.

    Last month, the firm admitted that it would not be able to provide all of the 10,400 contracted guards for the London Games, which in turn forced the government to call in the army at the last minute.

    G4S said half-year pre-tax profits had dropped to nearly $97 million compared to $239 million last year.

    The company added it was confident that the Paralympics, which start on Wednesday, would be fully staffed. It will provide 5,000 staff to guard the Games.