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| G4S profits hit by £386m charge after 'extremely challenging' year | G4S profits hit by £386m charge after 'extremely challenging' year |
| (35 minutes later) | |
| Troubled security firm G4S has set aside £386m to cover restructuring costs after what the company said had been "an extremely challenging year". | Troubled security firm G4S has set aside £386m to cover restructuring costs after what the company said had been "an extremely challenging year". |
| G4S, being investigated over UK tagging contracts, has reported a £170m pre-tax loss for last year, down from a £158m profit the year before. | |
| Chief executive Ashley Almanza said "clear action" had been take to address the company's problems. | Chief executive Ashley Almanza said "clear action" had been take to address the company's problems. |
| However, shares in G4S fell more than 4% in early morning trading. | |
| Included in the restructuring charge was a £136m hit related to a scandal in which the government was charged for tagging people who were either dead or in jail. | Included in the restructuring charge was a £136m hit related to a scandal in which the government was charged for tagging people who were either dead or in jail. |
| G4S said in a statement: "The company continues to engage in constructive discussions with the UK government and we remain committed to resolving all matters relating to the electronic monitoring contracts." | G4S said in a statement: "The company continues to engage in constructive discussions with the UK government and we remain committed to resolving all matters relating to the electronic monitoring contracts." |
| Mr Almanza said: "This has been an extremely challenging year for G4S. We have taken clear action to address longstanding issues and have introduced wide-ranging changes to strengthen our business. | Mr Almanza said: "This has been an extremely challenging year for G4S. We have taken clear action to address longstanding issues and have introduced wide-ranging changes to strengthen our business. |
| "We can now look to the future with increasing confidence, focusing on the growing demand for G4S services that underpins our plans to deliver sustainable, profitable growth." | "We can now look to the future with increasing confidence, focusing on the growing demand for G4S services that underpins our plans to deliver sustainable, profitable growth." |
| G4S, and another outsourcing company, Serco, were stripped of their tagging contracts in the UK last year. | |
| The Serious Fraud Office opened an investigation into the companies in November. |