CFO of G4S to retire following Olympics fiasco

CFO of G4S to retire following Olympics fiasco

Changes come as G4S presses on with corporate rehabilitation following its disastrous London 2012 performance

Global security firm G4S' CFO Trevor Dighton will be retiring from his position on 30 April and from the company's board after their annual general meeting on 6 June.

He will be replaced by former BG Group CFO Ashley Almanza, as G4S presses on with its corporate rehabilitation after a security provision shortfall fiasco at London 2012 Olympic Games. Following G4S's failure to provide adequate numbers, the UK Government had to call in the military to provide security and screening last summer.

According to a company spokesperson, new CFO Almanza will be joining the board as an executive director and will succeed Dighton in the role of CFO with effect from 1 May. He will also serve as a member on the company's risk committee.

In a statement on Wednesday, G4S reported a rise of 10.4 percent in total revenues for 2012 to £7.5 billion (AUD$10.89bn). However, the security firm admitted that costs of the Olympics, already announced at £88 million, meant pre-tax profit fell to £175 million from £257 million. Excluding the Olympics' one-off charge, pre-tax profit rose to £266 million.

G4S chief executive Nick Buckles said, "Our 2012 financial results reflect the significant exceptional costs associated with the Olympic contract and our overhead reduction programme, together with the large impairment charge related to the discontinued US Government Solutions business."

"Despite these issues, the underlying business has performed well in 2012, with acceleration in organic turnover growth to 7 percent and with margins holding at over 7 percent," he added.

G4S said growth was largely driven by new North American commercial contracts and strong growth in developing markets. The latter now account for a third of group revenues as operational challenges in continue to persist in Europe.

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