The BBC reports that the Olympic Games cost Security Firm G4S (London: GFS) £50 million . . . the firm was embroiled in controversy prior to the Olympics due to its failure to employ enough trained security screeners for the London Games . . . G4S was forced to pay the UK government to deploy British servicemen to fill security gaps at Olympic venues . . . the BBC also reports that the company has seen its pre-tax profits for the year fall from £151 million to £61 million . . . as a result, the company, which employs 650,000 across 125 countries, plans to lay off 1,000 workers in Europe . . . G4S stock price is expected to drop in response to its recent losses . . . the company may also have trouble obtaining new government contracts over the next year because of the problems with Olympic security and British government desire to distance itself from the company . . . reduced government contracts could lead to further financial troubles for G4S, as much of their revenue comes from such contracts, and could result in even more layoffs across Europe and elsewhere.