Just back in August 2012, G4S Plc informed that the contract for the London Olympic Games had a negative impact on the company’s profit. G4S, the world’s largest security company, also estimated that its Olympic failure would cost as much as £50 million. On the 12th of February, G4S informed, however, that losses over London 2012 contract would amount to £88 million, much more than initially estimated.
G4S’ failure to fulfill its contract for the London Olympic Games had a negative impact on profits. The fiasco of operations of G4S, the world’s biggest security company, has cost the company £50 million. Thereupon Nick Buckles, G4S’ chief, informed that the company would not take part in bidding for contracts at the 2016 Olympics in Brazil. If the G4S’s failure was repeated, the damage on reputation would be too severe for the company.