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Outsourcer Mitie has issued its third profit warning since September, amid a shake-up of senior management by the firm’s new chief executive.


Deferred decisions on contracts and delays to investment plans, particularly in the firm’s property management and technical facilities management divisions, mean income expected during this year has failed to materialise.


As a result of all this and a review of the balance sheet, Mitie has been hit by ?14m in one-off costs, meaning its profits are expected to be between ?60m and ?70m for the year to March 31,cheap real jordans, compared to the ?96.8m reported for the previous year.


The announcement is the third profit warning issued by the company in the last four months,cheap jordans free shipping, and the first under new chief executive Phil Bentley,http://www.kiteaway.co.il/forums/viewtopic.php?f=2&t=106248cheapjordanshoesfreeshipping.com/bolg, the former Cable & Wireless Communications (CWC) chief executive, who joined Mitie in December.









Phil Bentley took over as chief executive of Mitie last month

Credit: Geoff Pugh







He has been quick to begin an overhaul of many of the company’s systems and practises, resulting in a number of job moves for senior staff.


Finance director Suzanne Baxter is to step down, to be replaced by Balfour Beatty’s director of finance Sandip Mahajan.


Mr Bentley has also appointed a new director of human resources and moved former chief operating officer Darryn Gibson to the position of transformation director, giving him responsibility for implementing change across the business.


A particular focus has been the firm’s cleaning division, which has been underperforming in both the number of contracts it was winning and its performance. Mr Bentley is understood to have sacked the managing director of the division, along with a number of sales staff. A spokesperson for Mitie said the process of overhauling the division was ongoing.


It emerged at the weekend that Mr Bentley was poised to appoint an external auditor to lead a review of the company’s accounts in the coming weeks,Kicksokok.com.


He is due to present a strategy update on May 24,cheap jordans online, along with the company’s results for the year to March 31.




Shares in Mitie opened at 170p this morning, its lowest opening price in almost 12 years, having plunged 17.27pc overnight. During the morning’s trading the price recovered to around 190p.


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The latest profit warning caps a difficult period for the company: in September, Mitie warned that “significant economic pressures” had impacted its first half performance, and that operating profits would be “very significantly lower” than the previous year.


Mitie, which supplies cleaners for large buildings, hospital workers and baggage handlers at airports, among other things, has been hit by higher wages and tightened budgets, particularly in the public sector.


In September it promis...mpact of these pressures”,http://www.vivasanvivat.ru/news/2015-04-28-solnechnyi-ozhog-ili-zagar-bez-problem.html#comment-56812cheapjordanshoesfreeshipping.com/bolg, but was forced to issue a second profit warning in November,jordans for cheap, when it also announced it had placed its domiciliary...are business under review as it looks to withdraw from the market,cheap jordans.


Previous chief executive Ruby McGregor-Smith denied the profit warnings had influenced her decision to step down from the firm in October.