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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. | 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. | However, shares in G4S fell more than 4% in early morning trading. |
| Included in the restructuring charge was a £136m hit, partly related to a scandal in which the government was charged for tagging people who were either dead or in jail. | |
| Annually, group revenues increased by 5.8% to £7.43bn, with emerging market revenues up 16%. | Annually, group revenues increased by 5.8% to £7.43bn, with emerging market revenues up 16%. |
| 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." |
| The firm told the BBC: "While the electronic monitoring issues prevail, we are not likely to win new business with the government." | The firm told the BBC: "While the electronic monitoring issues prevail, we are not likely to win new business with the government." |
| 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. | 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. | The Serious Fraud Office opened an investigation into the companies in November. |
| G4S, heavily criticised over its failure to provide enough security for the London Olympics in 2012, has faced accusations of "shocking" abuse at one of its prisons in South Africa, and violence at an Australian immigration detention centre on Manus Island, Papua New Guinea. | G4S, heavily criticised over its failure to provide enough security for the London Olympics in 2012, has faced accusations of "shocking" abuse at one of its prisons in South Africa, and violence at an Australian immigration detention centre on Manus Island, Papua New Guinea. |