Stock drops 9% on Monday morning after troops called in to cover shortcomings

G4S shares plunge after security fiasco

G4S shares fell by 9% this morning after it emerged that the company would not be able to provide enough security guards during the Olympics.

The security firm has admitted to facing losses of up to £50 million on its £284 million contract to provide 10,400 security guards for the games. Some 3,500 members of the British Army will now be drafted in to help fill the numbers.

G4S chief executive, Nick Buckles, told the Daily Telegraph that he expected the security debacle to affect the company’s share price, which has also put pressure on his own position: “The share price is going to move on Monday, it just depends how much. I have been here 27 years. I am very committed to staying. It just depends, doesn’t it?”

Social media sites have been used to voice public anger at the country’s largest security provider, particularly after it emerged that many of the troops being brought in were being called back from annual leave.