Locks and Security News: your weekly locks and security industry newsletter
14th October 2020 Issue no. 529
Your industry news - first
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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