G4S, the company at the heart of the London Olympics security debacle, said it would cut 1,100 jobs as it looks to recover £50m lost on the Games contract.
G4S dominated headlines in July after failing to provide a promised 10,400 security guards for the London Olympics, placing chief executive Nick Buckles’ job in question and forcing him to admit the company’s reputation was in tatters.
The group today posted a profit before interest, tax and amortisation for the six months to 30 June of £236m, flat on last year, with revenue up 5.8 per cent to £3.9bn.
It said it remained confident in its outlook with £3.8bn of work per year in its pipeline.
The group, which this month donated £2.5m to British military sports and welfare organisations to thank troops who guarded Olympic venues in its absence, said it had eventually provided 8,000 staff for the Games at peak times and did not expect any shortfall for the upcoming Paralympic Games.
G4S, which employs 657,000 staff in over 125 countries, said a board review of the contract failure had begun and that its findings would be made available in late September.