Shares in security firm G4S have tumbled over 5 percent this morning on news that the gunman who shot 50 people at a nightclub in Florida on Saturday was an employee.

The discovery has wiped £200 million off the value of the world’s largest security firm, where Omar Mateen has worked since 2007. Mateen had undergone company screening as recently as 2013 with no issues being found, and carried a gun as part of his duties as an armed security officer.

Shares in the London-based company fell over 6.5 percent this morning, before recovering a little. They are currently trading down 5.8 percent at 176.38.

This news is the latest in a string of scandals for the company, which is 2012 made headlines by failing to provide enough security guards for the London 2012 Olympics. Earlier this year, the company also took a 6£5 million charge on loss-making British government contracts.

13/06/2016