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Bungled Olympics deal costs G4S $A107m

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February 12 2013, 8:15PM

Security company G4S will cop 107-million-dollar hit on its bungled security contract for the 2012 London Olympics and Paralympics.

The loss, which compares with its previous estimate of STG50 million, follows months of negotiations with Games organisers LOCOG.

G4S chief Nick Buckles says the company and the government have been in talks over a final settlement for the STG240 million security contract, after G4S failed to provide all of its 10,400 contracted guards.

The shortfall left the government with no choice but to step in with military personnel.

Two G4S directors resigned in the wake of an independent review into the company's botched Olympics contract, when the group only fulfilled 83 per cent of contracted shifts.