By Daniel Hunter

G4S, the security firm at the London 2012 Olympic Games, has revealed that the contract to provide security at the games has cost them £50 million.

The company warned that there would be losses, but this figure is at the top end of their predictions. G4S were hit with problems after they failed to recruit and train enough guards for the events.

The government was forced to turn to the army for the extra staff needed, for which G4S confirms it will pay. Since then G4S chief executive Nick Buckles has apologised for the debacle.

G4S revealed the cost along with its interim results, where it said half-year pre-tax profits had fallen from £151m to £61m.

Join us on
Follow @freshbusiness