This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Third profit warning issued as Mitie begins reorganisation

20 January 2017

Mitie has seen its share prices drop further following its third profit warning since September, a number of national media outlets have reported.

Shares dropped by over 17% to 170p following the latest update, the company's lowest price for nearly 12 years.

Mitie expects to record profits of between £60m and £70m for the year ending 31 March, compared to a figure of nearly £97m for the previous financial year.

Managing director Phil Bentley, who took over from Ruby McGregor-Smith last month, has begun to reorganise the business in a number of areas, particularly its underperforming cleaning division.

This has included the sacking of its managing director and a number of sales staff, according to the Daily Telegraph.

Mr Bentley is also expected to confirm the appointment of an external auditor to review Mitie accounts.

The company has also announced that former Balfour Beatty director of finance Sandip Mahajan will replace the company's finance director Suzanne Baxter.

In addition to the above, Mr Bentley has also begun an overhaul of the Mitie systems and practices, with the Daily Telegraph reporting this has included a "number of job moves for senior staff".

Print this page | E-mail this page


Article image Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the rubbish for general collection.Full Story...

Article image Competency in FM - part one

Competency in FM is a subject that is attracting attention in the industry and rightly so. Legislation and regulations put the duty to comply on a ‘competent person’ and, more often than not, there is no definition of competent.Full Story...

Former editors celebrate PFM Awards’ 25th anniversary

Partnership formed to support green business development

Legionella discovery forced closure of Staffordshire health centre