London 2012 Olympics: G4S Security Debacle 'Cost Company £50m'

G4S' failure to provide security for the Olympics games has lost the company in the region of £50 million.

The security company is conducting an internal review after its failure to provide all of the 10,400 contracted guards for London 2012 forced the government to step in with military personnel.

The group said it had delivered 83% of contracted shifts and that it was confident the Paralympic Games - starting on Wednesday - would be fully staffed with a security workforce.

Its half-year results revealed a significant drop in pre-tax profits to £61 million from £151 million a year earlier, although profits were held flat on an underlying basis after sales increased 5.8% to £3.9 billion.