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British luxury clothing company Ted Baker has issued a profit warning of a predicted £20m drop in earnings to between £50m and £60m for underlying profit before tax for the year ending 25 January 2020.

The figure is at the top end of the scale of losses the company had warned it would bear, after it failed to recruit and train enough of the guards it had promised for the event. The government was forced to turn to the army for the extra staff needed, for which G4S confirms it will pay. G4S chief executive Nick Buckles has apologised for debacle. G4S revealed the cost along with its interim results, where it said half-year pre-tax profits had fallen from £151m to £61m. The company was contracted to supply 10,400 security guards to the 100 Olympic sites across the country but was unable to find them in time. G4S said in a statement that it had had 8,000 staff on the ground over the course of the Olympics and that in many cases the military were able to withdraw from specific sites.