Coe praises Olympics progress

Preparations for the 2012 London Olympics are on track with organising committee chairman Lord Coe saying "excellent progress" has been made.

An end of year report was presented by Lord Coe in east London, where the peer defended the controversial Olympic logo, the budget for the Games and the design of the new stadium.

It was also announced by the Olympic Delivery Authority that demolition work on the five key Olympic sites – the Olympic Stadium, the Velopark, the Aquatics Centre, the Olympic Village and the broadcasting centre – has been completed.

Lord Coe said: "I would sum up this year as being one of considerable momentum and speed. A year when we have really started to present the DNA, the look and feel of the Games.

"We have made strong progress in our operational planning and, importantly, are engaging and inspiring people all over the UK to appreciate and value the power and magic of sport."

Organisers of the event explained that their targets had been met to date and praised the way that budgetary concerns had been addressed at early stage.

The budget for the 2012 Games stands at £9.3bn in terms of construction, regeneration works and improvements to transport, while an additional sum of £2.7bn is to be made available if needed.

And looking ahead to next year, Lord Coe said 2008 would provide "an opportunity to begin the serious presentation of a narrative - what we want the Games to look like and what we want to leave behind."