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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".

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