Home / Business / Mitie reports £43m loss in what has been a ‘challenging year’

Mitie reports £43m loss in what has been a ‘challenging year’

In its preliminary financial results for the year ending 31 March 2017, the facilities management specialist has reported an operating loss of £42.9 million during the year from a £107.6 million profit.

Turnover remained stable, rising marginally to £2.14 billion, with Mitie’s core Facilities Management business growing by three per cent.

Pre-tax losses were recorded for the year at £193.4 million.

Following a strategic review of the company, Mitie has launched a new strategy ‘Beyond FM…to the connected Workspace’ and a major £45 million cost efficiency programme known as ‘Project Helix’ is underway which has seen staff numbers fall by more than 3,000 across the group.

Phil Bentley, Chief Executive of Mitie, commented:

“This has been a challenging year for Mitie. We have reported a loss as a result of the one-off accounting adjustments arising from the Accounting Review. We are now focused on the future of the business and I am encouraged that our Order Book has held up and our Pipeline is 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. With the support of our 53,000 colleagues, we will take Mitie “Beyond FM…to the Connected Workspace”.

Mitie has now completed its exit from the domiciliary healthcare market with a £132.3 million loss from discontinued operations.

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