LONDON (Reuters) - Private security firm G4S said on Friday it would not be able to fulfill its contract to supply guards for this month's London Olympics and would incur a loss of up to 50 million pounds ($77.73 million).

Because of difficulties in processing applicants in sufficient numbers through the necessary training, vetting and accreditation procedures, G4S "will be unable to deliver all of the necessary workforce numbers," it said in a statement, without going into further details on numbers.

It added that it accepted its responsibility for the additional cost of the increased military needed to make up the shortfall. The company will also incur other "significant" costs as it tries to meet its contract promises.

"Whilst it is not possible to gauge the precise financial impact, it is estimated that the company will incur a loss on the contract in the range of 35 million pounds to 50 million pounds, all of which will fall in the current financial year." ($1 = 0.6432 British pounds)

(Reporting by Avril Ormsby; Editing by Mark Heinrich)