Olympics contract loss costs security firm G4S millions

G4S' £70 million loss over its London 2012 Olympic and Paralympic contracts follows months of negotiations with Games organisers Locog.

The security group also incurred additional costs of around £18 million relating to charitable donations, fees and the cost of sponsorship and marketing.

The UK Government is an important customer for the group and we felt that it was in all of our interests to bring this matter to a close in an equitable and professional manner without the need for lengthy legal proceedings.

– Chief executive Nick Buckles

Read: G4S' failure to fulfil its Olympics contract during the London 2012 Games.

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G4S loss on Olympics contract

Security company G4S today said it will incur a loss of £70 million on its bungled Olympics contract, more than the £50 million previously estimated.