G4S wins £100m contract to provide security for Olympicsa

City A.M. Reporter
SECURITY services firm G4S said it had signed a contract, estimated to be worth £100m, to be the official security services provider for the London 2012 Olympic Games.

G4S, which provides services ranging from cash transportation and facilities management to security and protection, said it will recruit, train and manage the 10,000 guards needed for the Games.

Shares in G4S closed up one per cent at 258p.

“We believe that the contract will have sales of £100m, with perhaps an extra £30m of additional sales coming from security deals with corporate sponsors of the Games,” JP Morgan analyst Robert Plant wrote in a note.

The FTSE 100 company, which employs 50,000 people in the UK, had already been providing security at the Olympic Park site and has run security operations for other sporting events including Wimbledon and the Grand National.

Paul Deighton, chief executive of the Games’ organising committee, said: “G4S will help us ensure that the security provisions in place are robust and of the highest professionalism.”