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18/01/2017
Mitie Appoints New Group Finance Director
Mitie Group has revealed Group Finance Director Suzanne Baxter is to step down next month.
Ms Baxter will be succeeded by Sandip Mahajan, who will take up the role of Chief Financial Officer. Mr Mahajan was previously Group Director of Finance at Balfour Beatty.
Phil Bentley, Chief Executive Officer (CEO) at Mitie, said: ""I would like to offer my thanks to Suzanne for her support during the transition, and I wish her the best for the future. I am delighted that Sandip is joining Mitie.
"He brings a wealth of experience in financing and in improving the operational performance of long term contracts. I am sure he will make a significant contribution to Mitie and I look forward to working with him."
The announcement comes as the company issued another profit warning today, 18 January, its third warning in four months.
In its trading update, Mitie said its Property Management and Technical FM divisions had been impacted by client deferrals and investment plan delays.
The Group said: "The Board is undertaking a balance sheet review, and has taken a more conservative judgement on contractual positions, identifying an additional £14m of one-off charges in the year.
"As a consequence of the above, we now expect underlying operating profit for the full year to 31 March 2017 to be in the range of £60m to £70m (including ongoing healthcare losses, but before the previously disclosed £10m one-off costs of change).
(LM)
Ms Baxter will be succeeded by Sandip Mahajan, who will take up the role of Chief Financial Officer. Mr Mahajan was previously Group Director of Finance at Balfour Beatty.
Phil Bentley, Chief Executive Officer (CEO) at Mitie, said: ""I would like to offer my thanks to Suzanne for her support during the transition, and I wish her the best for the future. I am delighted that Sandip is joining Mitie.
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"He brings a wealth of experience in financing and in improving the operational performance of long term contracts. I am sure he will make a significant contribution to Mitie and I look forward to working with him."
The announcement comes as the company issued another profit warning today, 18 January, its third warning in four months.
In its trading update, Mitie said its Property Management and Technical FM divisions had been impacted by client deferrals and investment plan delays.
The Group said: "The Board is undertaking a balance sheet review, and has taken a more conservative judgement on contractual positions, identifying an additional £14m of one-off charges in the year.
"As a consequence of the above, we now expect underlying operating profit for the full year to 31 March 2017 to be in the range of £60m to £70m (including ongoing healthcare losses, but before the previously disclosed £10m one-off costs of change).
(LM)
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