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The company at the heart of the London Olympics security debacle has annnounced it will slash 1100 jobs as it attempts to recover the £50m lost on the Games contract.
G4S security made headlines in July after they failed to fufill the terms of their contract to provide 10,400 security guards for the London Olympic games.
The bungle put Chier Executive Nick Buckles’ job in question forcing him to admit the company’s reputation had been damaged.
The group claimed it had eventually provided 8,000 staff for the Games at peak times and did not expect any shortfall for the Paralympic Games.
G4S, employs 657,000 staff in over 125 countries, and posted a profit of £236m in the six months to June 30 but the negative impact of the Games will impact heavily on the firm.
However the company declared it “remained confident” in its outlook with £3.8 billion of work per annum projected.
The company stated that a board review of the failure to fulfill the Games contract was underway and declared that the findings would be made available in late September.
Figures released last Friday by the FTSE show that the firm is currently valued at around £3.7 billion.
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