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G4S Olympics fiasco costs £50m

The security firm G4S has announced it lost £50m after failing to supply sufficient guards for the Olympics. The company revealed it made a profit of £236m in the six months to the end of June - a period not including the Games.

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  1. Laura Kuenssberg

G4S realised it had Olympics problems in early-July

Nick Buckles said he can't talk about why G4S messed up the Olympics contract because there is an ongoing review of what happened which isn't finished yet.

But he says the initial requirement of 2,000 staff was increased to have 15,000 staff on standby. He said they realised they had problems in early-July.

He emphasises that 7,000 military were always expected to work alongside G4S but additional troops were drafted in to help them with the shortfall.

He is spending quite some time saying how complex the Olympics contract was - maybe so, but they signed up to it.

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