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

Sharp drop in G4S net profits

G4S admit that the Olympic security fiasco cost them £50 million but their profit was more or less the same as the same period last year, at over £230 million.

There has been a sharp drop in G4S net profits though - £38 million versus £118 million for the first six months in 2012.

The firm has promised no problems at the Paralympic Games though.

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