G4S expects loss of up to £50m on Olympics contract

Security firm G4S says it takes "full responsibility for the additional cost of the increased military deployment resulting from the shortfall in workforce delivery."

We are grateful for the additional military support.

We do not underestimate the impact on the military personnel and their families and express our appreciation to them.

– g4s statement

It estimates that it will incur a loss "in the range of £35m to £50m."

A statement added:

G4S is fully aware of the importance and significance of its role in ensuring that the 2012 Games are secure and successful.

The Company deeply regrets that, despite the relentless efforts of so many of its people, it is unlikely to deliver in full its obligations to LOCOG, to the Government and to everyone with an interest in these Games.