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MITIE Group to ax 500 jobs

20 September 2017 09:56

Facilities management firm MITIE Group (MTO) is to cut almost 500 jobs in 2017, the company reported today.

Restructuring of its engineering and cleanings divisions and the automation of its HR function will result in 480 jobs going by the end of the year, the firm announced.

The implementation of Project Helix, the Group wide cost transformation programme. As previously stated, this will see a reduction in Group operating costs on an annualised basis of £40m by FY2020.

The company also said it has lost one of its top 20 contracts, and this will result in a £6mln write-off, though it will get a £2mln a termination payment. At 9:56am: (LON:MTO) MITIE Group PLC share price was -3.2p at 255.1p

Story provided by StockMarketWire.com

Related Company: MTO

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