Security group G4S has reported a 6 per cent increase in profits for 2012, a year that saw it hauled over the coals for failing to provide enough staff for the London Olympics.
The firm posted underlying pre-tax profits of £516 million for the year, up from £487m in 2011 and in line with market forecasts. Revenues 8.1 per cent higher at £7.3 billion.
In July last year, just weeks before the Olympics started, G4S admitted that it would be unable to provide a promised 10,400 venue guards.
The blunder sparked heavy criticism of the firm and led to G4S agreeing with games organisers in February to take a higher-than-expected £70m loss on the contract.
G4S proposed a final dividend of 5.54p a share, up 8 per cent on last year’s payout, giving a total for the year of 8.96p.
The firm also announced that chief financial officer Trevor Dighton is to retire on 30 April and will be replaced by Ashley Almanza, former finance director at BG Group.
Cantor Fitzgerald analyst Caroline de La Soujeole said: “G4S is well placed to benefit from increased public sector outsourcing in the UK and its exposure to developing markets.”