Locks and Security News: your weekly locks and security industry newsletter
8th April 2020 Issue no. 502
Your industry news - first
We strongly recommend viewing Locks and Security News full size in your web browser. Click our masthead above to visit our website version.
G4S profits gain despite Olympics security fiasco
Security group G4S has reported a 6 per cent increase in profits for 2012, a year that saw it hauled over the coals for failing to provide enough staff for the London Olympics. The firm posted underlying pre-tax profits of £516 million for the year, up from £487m in 2011 and in line with market forecasts. Revenues 8.1 per cent higher at £7.3 billion.
In July last year, just weeks before the Olympics started, G4S admitted that it would be unable to provide a promised 10,400 venue guards. The blunder sparked heavy criticism of the firm and led to G4S agreeing with games organisers in February to take a higher-than-expected £70m loss on the contract. Cantor Fitzgerald analyst Caroline de La Soujeole said: "G4S is well placed to benefit from increased public sector outsourcing in the UK and its exposure to developing markets."
20th March 2013