Home Business NewsBusiness British watchdog launches fresh investigation into Mitie’s accounts

British watchdog launches fresh investigation into Mitie’s accounts

20th Nov 17 11:59 am

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British outsourcing company Mitie Group reported a 5.8 per cent rise in half-year profit on the same day when Britain’s Financial Reporting Council (FRC) watchdog launched a new investigation into how the comapany’s 2015-16 financial statements were prepared and approved.

Earlier today, the company reported a half-year adjusted operating profit of £32.6m million pounds. Revenue rose 3.9 per cent to £959.7m, but fell short of the £1.1bn it forecast in September.

“This has been a period of transformation and investment for Mitie. We have had a solid six months with a modest uptick in revenue. We have continued to build foundations, take out costs, simplify systems and processes, invest in our capabilities and put the customer at the heart of our organisation,” said chief executive Phil Bentley.

“We have had a number of good recent wins, we have attracted some high-quality talent to the business, our connected workspace proposition is gaining traction and we are already seeing the benefits of our HR and IT change programmes. We have much more to do, but we are very much on track.”

The FTSE 250-listed company is already being investigated in connection with Deloitte LLP’s audits of two of its annual financial statements.In July, the FRC had launched a probe into the 2015 and 2016 year-end audits of the company.


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