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Annual Results

Mitie Group swings to FY pretax loss

12 June 2017 07:46

Mitie Group has swung to a FY pretax loss of £58.2m, from a year-ago restated profit of £91.9m. "This has been a challenging year for Mitie," said CEO Phil Bentley.

"We have reported a loss as a result of the one-off accounting adjustments arising from the Accounting Review," he added.

The company was now focused on the future and Bentley said he was encouraged that its order book had held up and the pipeline was growing.

"Following a full strategic review we are investing in technology in the workspace to meet our customers' evolving needs and we are embarking on a major cost reduction programme."

Revenue was £2.13bn, from £2.15bn. No final dividend was recommended, which meant the total dividend was 4p a share, from 12.1p.

Mitie's sales pipeline was £8.7bn, from £7.9bn. Its order book was £6.5bn, from £6.6bn.

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