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21/11/2016
Mitie Reports £100m Loss In First-Half Results
Energy services firm Mitie has reported a £100 million loss for the six months to 30 September 2016.
In its half-year results, the company revealed it is withdrawing from the domiciliary healthcare market and written off £107.1m of goodwill in the sector.
In addition to operating profit being down 39% to £35.4m, the Board said performance in the first half of the year "has been impacted by changing market conditions as clients adjust to rising labour costs and economic uncertainty".
However, Ruby McGregor-Smith CBE, Chief Executive of Mitie, who is stepping down next month, said second half performance is expected to improve with the company's new operating model.
"The first half of this year has been difficult but we are not alone in facing significant macroeconomic challenges," she said.
"The steps we have taken to counter these impacts include the restructuring of both frontline and support functions across FM and the decision to withdraw from the domiciliary care market.
"Mitie is a great business and I am confident that it will move from strength to strength in the future."
(LM/CD)
In its half-year results, the company revealed it is withdrawing from the domiciliary healthcare market and written off £107.1m of goodwill in the sector.
In addition to operating profit being down 39% to £35.4m, the Board said performance in the first half of the year "has been impacted by changing market conditions as clients adjust to rising labour costs and economic uncertainty".
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However, Ruby McGregor-Smith CBE, Chief Executive of Mitie, who is stepping down next month, said second half performance is expected to improve with the company's new operating model.
"The first half of this year has been difficult but we are not alone in facing significant macroeconomic challenges," she said.
"The steps we have taken to counter these impacts include the restructuring of both frontline and support functions across FM and the decision to withdraw from the domiciliary care market.
"Mitie is a great business and I am confident that it will move from strength to strength in the future."
(LM/CD)
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