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G4S:Olympic contract 'for reputation not profit'

Embattled G4S boss Nick Buckles had told a committee of MP's that his firm took the contract to provide Olympic security to boost it's reputation, not it's profits.

Mr Buckles admitted that the debacle surrounding the contract was likely to count against the firm in future.

They also expect that as a result of the problems, they will make a loss of £50 million on the contract- a sum described by Mr Buckles as 'a huge amount' representing around ten per cent of the company's expected annual profits.

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