G4S chief executive Nick Buckles prepares to confirm Olympic loss
Source: The Guardian
The performance of the private security contractor G4S and its chief executive, Nick Buckles, will come under investor scrutiny again this morning as the group prepares to take a hit of up to £50m in first-half profits after its embarrassing failure to provide enough guards for the London Olympics.
Buckles, who admitted the staffing crisis had been a "humiliating shambles", is expected to confirm that the loss on the £284m Olympic contract will be at the top end of previous guidance of £35m-£50m. Analysts are expecting G4S to post first-half pre-tax profits of about £96m, down from £154m last year. However, the chief executive has been backed by some shareholders in the wake of the Games debacle, which saw the army called in to extend emergency cover after G4S provided only 7,000 of a promised 10,400 guards.
Read more: http://www.guardian.co.uk/business/2012/aug/27/g4s-nick-buckles-olympic
