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G4S Plc Agrees Financial Settlement with London Organizing Committee of Olympic Games and Paralympic Games in Respect of Provision of Security Workforce for London 2012 Olympic & Paralympic Games

Tuesday, 12 Feb 2013 02:37am EST 

G4S Plc announced that it has agreed a financial settlement with the London Organizing Committee of the Olympic Games and Paralympic Games (LOCOG) in respect of the provision of the security workforce for the London 2012 Olympic & Paralympic Games (the Games). The terms of the settlement mean that the Company will incur an overall loss on the contract of approximately GBP 70 million. The Group has also incurred additional costs of approximately GBP 11 million, relating to charitable donations and external fees and a further GBP 7 million relating to the cost of sponsorship and marketing. All of these costs will be taken in the 2012 accounts as an exceptional charge (GBP 50 million having been provided for at the half year based on the previous contract loss estimate). The main difference between the previous estimate and the final settlement is an agreement to waive a larger proportion of the project management charge. 

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