Security firm reveals £50m Olympic loss

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Security firm G4S today said its contract to provide security for the London 2012 
Olympic Games had cost it £50 million.

The figure is at the higher end of the range of losses the company had warned it would bear, after it failed to recruit and train enough of the guards it had promised for the event.

The government was forced to turn to the army for the extra staff needed, for which G4S has confirmed it will 

G4S chief executive Nick Buckles has apologised for the debacle.

G4S revealed the cost along with its interim results, where it said half-year pre-tax profits had fallen from £151m to £61m.

The company was contracted to supply 10,400 security guards to the 100 Olympic sites across the country but was unable to find them in time.