G4S losses grow

Security firm G4S says the fallout from its botched 2012 Olympics contract will cost £38m more than initially estimated, bringing the total loss from the contract to £88m.

At first the company had expected to take a £50m hit after failing to provide enough security staff for the Games.

But following lengthy negotiations with the organisers, Locog, G4S agreed to waive more of its management fee.

G4S said around £70m will be lost on the London Olympics contract, with an additional £2.5m donated to a military charity, £7m in sponsorship and marketing, and £8.5m spent on lawyers and accountants for negotiations with Locog.